Looking for an Outstanding Mortgage Broker in Arkansas

Private Lending & Conventional Mortgage Advice
9yFollow

Looking for an Outstanding Mortgage Broker in Arkansas

Brad Norman
Wholesaler · Vancouver, British Columbia · Member since 2016 · 31 posts · 2 votes

Hi there so I'm looking for a Outstanding Mortgage broker who can assist me long term with building a Portfolio in Arkansas. This is the challenge, company is a US company with 3 years trading accounts. the owner me is a Canadian Resident , so i file personal tax returns in Canada and the UK. I do Have an  E2 Investor Visa in process, which I'm told will make things easier as i can then obtain a US social security number. I have been told buy other Mortgage Brokers in other states that it is all down to the Underwriters and if they are happy to base there lending on the Company accounts and previous Experience. Also some bank are happy to look at an Exquifax credit report from Canada or the UK to see the owner has good credit it other places . So any help in this would be great , as i mentioned I'm looking for a long term relationship.

0Reply
20 views

Most Popular Reply

Andrew Johnson
Real Estate Investor · Encinitas, CA · Member since 2016 · 3k+ posts · 3k+ votes
9y

@Brad Norman Your first step might be to determine the geography in Arkansas where you want to invest.  The reason that I say that (as someone in California who invests there) is that it tends to be more of a community bank driven market.  What that has meant to me is that the person that I work with at Centennial Bank will actually drive by properties that I'm considering, may know something about the history of the property, etc. and since they generally hold the note themselves on commercial multifamily that street-level knowledge can play into conversation in the loan committee.  That being said, numbers still have to pencil out, you'll deal with 5 year ARMs, likely have a full recourse loan, etc. but there is definitely more of a partnership feel to it.  The reason for the lengthy monologue is that the effectiveness of the partnership has a lot to do with the hyper-local focus.  I could give you a name if you were looking into North Little Rock, Maumelle, Conway, etc. but that person wouldn't be a great contact if you were looking into Fayetteville, Fort Smith, Texarkana, Jonesboro, etc.

1Reply
See this reply in the discussion

15 Replies

Jump to latestLatest
  • Andrew Johnson
    Real Estate Investor · Encinitas, CA · Member since 2016 · 3k+ posts · 3k+ votes
    9y

    @Brad Norman Your first step might be to determine the geography in Arkansas where you want to invest.  The reason that I say that (as someone in California who invests there) is that it tends to be more of a community bank driven market.  What that has meant to me is that the person that I work with at Centennial Bank will actually drive by properties that I'm considering, may know something about the history of the property, etc. and since they generally hold the note themselves on commercial multifamily that street-level knowledge can play into conversation in the loan committee.  That being said, numbers still have to pencil out, you'll deal with 5 year ARMs, likely have a full recourse loan, etc. but there is definitely more of a partnership feel to it.  The reason for the lengthy monologue is that the effectiveness of the partnership has a lot to do with the hyper-local focus.  I could give you a name if you were looking into North Little Rock, Maumelle, Conway, etc. but that person wouldn't be a great contact if you were looking into Fayetteville, Fort Smith, Texarkana, Jonesboro, etc.

    1Reply
  • Brad Norman
    OP
    Wholesaler · Vancouver, British Columbia · Member since 2016 · 31 posts · 2 votes
    9y

    HI Andrew any contact would be good , as I'm sure may know someone if not , i have an office building fully remodelled in a town called Newport, in-between little rock and Jonesboro. The town is under a lot of re-delopmemt and growth .

    0Reply
  • Brad Norman
    OP
    Wholesaler · Vancouver, British Columbia · Member since 2016 · 31 posts · 2 votes
    9y

    HI Andrew, im selling one of my properties in Arkansas Cheap its just been remodelled and will rent for 550 a month , I'm lookih for 45K of near offer , in the town of Newport . Im selling as i have a lot of cash tied top in it and due to me not being able to get finance as I'm not a Resident of the states , so just going to sell to another investor .

    https://www.biggerpockets.com/forums/517/topics/42...

    0Reply
  • NaDean Bowles
    Investor · Little Rock, AR · Member since 2016 · 152 posts · 40 votes
    9y

    @Brad Norman, can you show a history of it getting $550/mo?

    0Reply
  • Brad Norman
    OP
    Wholesaler · Vancouver, British Columbia · Member since 2016 · 31 posts · 2 votes
    9y

    Hi NaDean, yes nit on this properties its just been remodelled and i have decided to sell empty , but my managing agent Sandy Honey , HONEY REALTY & INS., LLC. has similar houses renting for that price. the property is 1 back from the hospital

    0Reply
  • Douglas SkipworthBusiness Member
    Rental Property Investor · Memphis, TN · Member since 2014 · 1k+ posts · 1k+ votes
    9y

    Hi, @Brad Norman.

    I would contact Robby Cole with Benchmark Home Loans.  He's an outstanding mortgage broker and will be able to steer you in the right direction if he can't help you personally.

    Investor's Guide to Memphis Real Estate
    View Page
    0Reply
  • Brad Norman
    OP
    Wholesaler · Vancouver, British Columbia · Member since 2016 · 31 posts · 2 votes
    9y

    Thanks Douglas , il give him a call.

    0Reply
  • Megan Stafford
    Rental Property Investor · Pleasant Hill, CA · Member since 2016 · 19 posts · 5 votes
    9y

    @Andrew Johnson, I'm looking in the Parkhill area of North Little Rock. Mind sharing your contact for the area? Thanks!

    0Reply
  • Andrew Johnson
    Real Estate Investor · Encinitas, CA · Member since 2016 · 3k+ posts · 3k+ votes
    9y

    @Megan Stafford  Sent you a message, I don't know if we're supposed the post stuff here like that.  I wouldn't want to it come across as a solicitation on behave or someone else.  I like to stay in the good graces of forum managers :-)

    0Reply
  • Megan Stafford
    Rental Property Investor · Pleasant Hill, CA · Member since 2016 · 19 posts · 5 votes
    9y

    Yeah I just read the rules. I got flagged for asking outside of the marketplace so good on ya! @Andrew Johnson

    0Reply
  • Nicole Lybrand
    Investor · Little Rock, AR · Member since 2016 · 19 posts · 8 votes
    9y

    @Megan Stafford do you have any rentals in park hill already? I live nearby in the Argenta Arts District of NLR but haven't been able to find any deals good enough to move my investment money from Memphis to LR/NLR. Would be interested to know how they're doing for you -- I like that neighborhood. 

    0Reply
  • Hadar OrkibiPro Member
    Rental Property Investor · USA / NZ · Member since 2016 · 1k+ posts · 812 votes
    9y

    @Andrew Johnson I refer to your older posts from 3 month ago, did you manage to work with any of the smal local banks in Arkansas? I was referred to Eagle Bank in Little Rock but they are not in to working with out of state pepole, yet.

    They may have a handful of out of state but that's it.... 

    I'm interested to hear your experience, you mentioned Centennial Bank?

    0Reply
  • Marshall Butler
    Financial Advisor · Little Rock, AR · Member since 2017 · 16 posts · 4 votes
    9y
    Would highly recommend centennial bank in this area. Personal message me and I can get you in contact with one of the originators.
    0Reply
  • Andrew Johnson
    Real Estate Investor · Encinitas, CA · Member since 2016 · 3k+ posts · 3k+ votes
    9y

    @Hadar Orkibi Feel free to PM me for details.  I don't want to come across as "marketing" for someone in the forums.  I think it's against the rules and I don't want to get slapped on the virtual-wrist.  On the plus side, it looks like @Marshall Butler has had good luck with Centennial as well.

    0Reply
  • Hadar OrkibiPro Member
    Rental Property Investor · USA / NZ · Member since 2016 · 1k+ posts · 812 votes
    9y

    @Andrew Johnson i PM you re the bank so we can discuss further. 

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free