Portfolio/Investor Friendly Lenders - Harrisburg, PA

5 Replies

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.

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.

@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. 

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.

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. 

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.

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