Portfolio Loans for Single Family Rentals
Hi All,
Thanks for making Bigger Pockets a wonderful community where I learn something new every day! I was hoping to get some advice about portfolio lending for single family rentals. To give you a quick background, I'm a working professional with a W2 income, investing in single family rentals in the Philadelphia area. I have 6 rental properties (profitable) and all of them have been 30-year fixed mortgages. As I'm getting close to the 10 loan limit (I have 7 loans including my primary residence), I'm hoping to expand my portfolio in the next 2-3 years, and therefore trying to figure out what my options are for obtaining loans beyond the stipulated limit of 10 loans.
I have heard the local credit unions may be willing to provide portfolio loans. I have a few questions:
- Based on your experience, are credit unions my best option? Are there any other sources that I could tap?
- And if so, how do I go about approaching these credit unions? Do I need to share some sort of P&L to show them that all my properties are profitable?
- Do you have any tips of how to get the best loan terms and interest rates from the credit unions?
- Does anyone recommend a particular credit union in Philadelphia? Any advice would be super helpful.
Thanks in advance for your help!
Niti