Philly Portfolio Lenders?

Question

Hello

Wondering if  anyone on here knows of a good portfolio lender in Philadelphia, and how was your experience with the lender?.

New investor moving down in philly, and hopefully to establish banking relationships.

Thank You

Abou

Joseph Scorese · Answer

Hi @Abou C.,

How are you and welcome to BP!

Banking relationships in Philadelphia is a great thing when financially modeling your real estate business. Most portfolio lenders are seeking some of the consistent items.

Good Credit

Landlord or Business Experience

Deposits and or Reserves

Real Estate Collateral

Let me know if you have any questions.

Regards,

Joe Scorese

Eddie T. · Answer

Account Closed I have a Dime Branch 5 minutes away from me but when it comes to their portfolio lending I believe they want larger loans 500k- 1mil plus. I doubt they would want to work on loans sub 100k but I will ask.

Eddie T. · Answer

Account Closed Would you know if Victory Bank lends In Ny?

Account Closed · Answer

If you are doing a small loan like that, you may be best working with a local credit union or using a HELOC on your personal home and refinancing with a conventional mortgage.

Account Closed · Answer

@Eddie T. Victory bank does not lend in NY, they only lend in PA. However, you should be able to find some portfolio lenders in NY. I believe Dime Bank is a portfolio lender in NY.

Account Closed · Answer

@Abou C. A couple portfolio lenders I know about and have dealt with are:

Huntington Valley Bank and Victory Bank

Feel free to send me a PM and I will share my experiences.

Also, you can check out this forum too

Thomas Sestak · Answer

Hey so my gf and I are trying to buy a house. Her credit is in the 800s and mine is low around 570 but going up. We have $30k+ down payment for a $150,000 home and combine make about $5k a month take home. We are 1099 though and don't have the 2 years worth of tax returns yet. I am trying to find a portfolio lending bank. I've read this and will try the 2 listed. Ice also heard of credit unions in Philly but what I if tor not a member? Anyone have any suggestions?

Joseph Scorese · Answer

Please PM me @Abou C. when time permits. Regards, Joe Scorese

George Despotopoulos · Answer

Hey @Abou C. Are you looking for lenders near you or in general. Happy to help, have dealt in Philadelphia.

Abou C. · Answer

Hello @Joseph Scorese Thank you for the reply, I would be starting off in Philly small. I want to make sure the bank I open a biz account with or even personal offers. What holdings should I have before acquiring about a portfolio loan?

Philly Portfolio Lenders?

Most Popular Reply