All
Members
Companies
Blog
Forums
Podcast
Webinars
    User Log in  /  Sign up
  • Forums
    Newest Posts Trending Discussions Followed Forums Real Estate News & Current Events General Landlording & Rental Properties Buying & Selling Real Estate Deal Analysis See All
  • Education

    Read

    BiggerPockets Blog BPInsights: Expert Analysis Guides Glossary Reviews Member Blogs

    Watch

    Webinars Video Library Financial Independence Blueprint Intro to Real Estate: Rentals

    Listen

    BiggerPockets Real Estate Podcast BiggerPockets Money Podcast BiggerPockets Business Podcast Real Estate Rookie Podcast Daily Podcast (Audio Blog)

    Topics

    Business Operations Finance Finding Deals Property Management Property Types Strategy
  • Network

    Recommended Vendors

    Real Estate Agents Mortgage Lenders Hard Money Lenders Insurance Contractors Investment Companies Build Your Team

    Search

    Members Events Jobs
  • Tools

    Calculators

    Rental Property Fix and Flip BRRRR Rehab Estimator
    Wholesaling Mortgage Payment 70% Rule Airbnb

    Services

    BPInsights: Property Insights Tenant Screening Property Management Lease Agreement Packages

    New Feature

    BPInsights (beta)

    Quickly analyze a property address or ZIP Code to compare your rent in your neighborhood.

    Analyze a property
  • Find Deals
    Real Estate Listings Find Foreclosures External Link Ads, Jobs, and Other
  • Bookstore

    Real Estate Books

    Profit Like The Pros Bidding to Buy See all books

    Featured Book

    BiggerPockets Wealth Magazine book cover
    BiggerPockets Wealth Magazine

    Written by financial journalists and data scientists, get 60+ pages of newsworthy content, expert-driven advice, and data-backed research written in a clear way to help you navigate your tough investment decisions in an ever-changing financial climate! Subscribe today and get the Oct/Nov issue delivered to your door!

    Get the Magazine
  • Pricing
Log In Sign up
User
Quick search links
Podcast Hard Money Lenders Books Washington
ForumsArrowPrivate Lending & Conventional Mortgage AdviceArrowPortfolio/Investor Friendly Lenders - Harrisburg, PA
  • Newest Posts
    • Newest Posts
    • Unanswered Discussions
  • Trending
    • Top Discussions
    • Trending Discussions
  • Browse Forums
Search Nova
Create post

Portfolio/Investor Friendly Lenders - Harrisburg, PA

5 Replies

  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
Rotate Log in or sign up to reply
user profile avatar
  • Posts 7
  • Votes 0

Michael Rhodes
Investor from New Cumberland, PA

posted over 3 years ago

Good evening everyone. I'm looking to build a relationship with an investor friendly conventional mortgage lender. My current focus is one to four unit residential properties. Does anyone have any local lenders they are willing to recommend? Also I plan to just pick up the phone and start calling. What are key questions I should be asking banks, credit unions, etc.? Thanks in advance for any advice.

Rotate Log in or sign up to reply
user profile avatar
  • Posts 471
  • Votes 251

Michael Cohen
from Towson, Maryland

replied over 3 years ago

Good rule to weed out the slime bags: ask them what their rates are, or what your rate would be. If they give you any number whatsoever, walk away.

Rotate Log in or sign up to reply
user profile avatar
  • Posts 47
  • Votes 27

Brenton Way
Rental Property Investor from Mechanicsburg, PA

replied over 3 years ago

@Michael Rhodes I would start by sitting down and having a discussion with any banks where you already have accounts. Since you are looking for conventional loans on a 1-4 unit building there should be a lot of opportunities for financing. 

Rotate Log in or sign up to reply
user profile avatar
  • Posts 7
  • Votes 0

Michael Rhodes
Investor from New Cumberland, PA

replied over 3 years ago

Thanks for the advice. I've been listening to the podcasts regarding the topic and would like to start working with a lender that doesn't sell their notes so I'm not restricted by a loan cap. I'll start where you suggest. Thanks again.

Rotate Log in or sign up to reply
user profile avatar
  • Posts 77
  • Votes 27

Nate Jones
Property Manager from Lancaster, Pennsylvania

replied over 3 years ago

Michael -  As a starting point, I'd recommend People's Bank.  Happy to do an introduction there for you.  We have worked with them for our finances in that area and they have been great.  When we got started in investing, we figured that most banks would be interchangeable.  But it's been really fascinating how banks differ in both service level and willingness to work with you on various deals.  Let me know if you want an intro and I'll help you out there. 

Rotate Log in or sign up to reply
user profile avatar
  • Posts 47
  • Votes 27

Brenton Way
Rental Property Investor from Mechanicsburg, PA

replied over 3 years ago

I met with People's Bank when I was under contract for my first property. If I recall they were only willing to lend the lesser of 75% LTV or 75% Loan to cash I put into the deal depending on the equity in the property.

I purchased a property for $44k and planned to put about $15k into the property. I believe it will appraise for $80 to $85k. I was looking to refinance and pull out of all my capital but I was told by a representative of People's that they want me to have skin in the game. Note: I have not yet refinanced the property.

Rotate Log in or sign up to reply
  • 1
Related Resources Private Lending & Conventional Mortgage Advice
Should You Buy Mortgage Discount Points?
How I Find Private Money Lenders to 100% Fund My Deals (& How You Can, Too)
Mortgage Interest Deductions 101: What You Should Know
Best Deal Ever: Making a Good Deal Great by Negotiating Seller-Held Terms
4 Golden Rules of Real Estate Investing
Resources Read, see, and learn more!
Link Real Estate Investment Calculators
Link BiggerPockets Blog
Link Path to Purchase
Link Mortgage Loans
Link Find a Contractor
Link Real Estate Agents
Link Hard Money Lenders
Link Real Estate Listings

Top Contributors

Stephanie P.
Stephanie P.
Washington, DC Mortgage Lender/Broker
8.21
Score
Jeff S.
Jeff S.
Los Angeles, CA
7.75
Score
Chris Mason
Chris Mason
Oakland, CA
6.99
Score
Wenda Wang
Wenda Wang
Charlotte, NC
5.51
Score
Matthew Crivelli
Matthew Crivelli
Springfield Massachusetts
4.46
Score

Private Lending & Conventional Mortgage Advice Trending Discussions

  • Investment property with partner best lending practice
    3 Replies
  • Best way to compensate someone that loans the down payment
    4 Replies
  • Debt To Income Limitations
    3 Replies
  • Changing from 15 to 30 years in middle of refinancing process
    3 Replies
  • Commercial Lender Recommendation
    2 Replies
Log in Sign up

Log in

Forgot password?

If you signed up for BiggerPockets via Facebook, you can log in with just one click!

Log in with Facebook

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Let's get started

We just need a few details to get you set up and ready to go!

Use your real name

Use at least 8 characters. Using a phrase of random words (like: paper Dog team blue) is secure and easy to remember.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Why create an account?

Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing.

Connect with 1,000,000+ real estate investors!

Find local real estate meetups and events in your area.

Start analyzing real estate properties, we do the math for you.

It's free!

Explore

  • Membership
  • Community
  • Education
  • Marketplace
  • Tools
  • FilePlace
  • REI Resources
  • Perks
  • Glossary
  • Reviews
  • iOS App
  • Android App

Company

  • About Us
  • Press
  • Advertising
  • Careers
  • Stats
  • Contact Us

Important

  • Editorial Guidelines
  • Terms of Use
  • Rules
  • Privacy
  • FAQ

Social

  • Facebook
  • Twitter
  • YouTube
  • Instagram
© 2004-2021 BiggerPockets, LLC. All Rights Reserved.