Recommendations for REI Friendly Lenders in Central Iowa?

5 Replies

I will be closing my first deal in January of 2018 on an off market SFH to hold as a rental. My goal is to close a minimum of another 5 deals in 2018. I have access to $20-$30K for downpayment etc. 800+ credit score, a good paying job, and need to find a local REI friendly lender to not only lend money but perhaps even lend advice on best ways to get my 30K to work for me.

Property under agreement is in Des Moines proper but I will be looking to buy in the surrounding communities to the south as well (Indianola, Norwalk, West Des Moines, Carlisle).

I could go to a big bank and finance this first house but I would like to start a long term relationship now.  I know I could just start calling banks and will do that if I don't get any good leads here, but thought I might save myself a few phone calls by asking the experts (you) for help.

Any recommendations on bankers/lenders for long term financing would be greatly appreciated. 

@Gary White did you try this post in the Iowa forum?  Also, do you have any real estate networking groups close to you?  There might be some people there who could recommend some lenders to you.

Call Brandon Bennett at Tru Bank. He's at the WDM location. Quick decisions and great resource. 

I would check out Luana Savings Bank or Iowa State Bank. I can give you contacts at each. @Chase Keller also might have some leads as he just had a Meetup with a couple local lenders recently.

I use my local 5 branch bank and use the commercial side.  I've bought my last 2 purchases with $0 down, infact both closings I got a check for repairs.  Try a small local bank or credit union and look at commercial lending.

@Harley Gorter If you could give contacts that would be great.  ISB has several locations so if your contact works out of one in particular I'd like to know that as well.  Thanks,

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