Refinancing in Atlanta

11 Replies

Are there any recommendations for portfolio lenders in Atlanta? The search function here doesn't seem to give responses that really jibe with the requests. 

I already have 4 loans with R2B/Finance of AMerica and thought it'd be easy to just refi 4 more houses to get the cash to renovate a few more properties that I own. Well.. I just wasted a couple of weeks....the first house they didn't want because $ 850/rent with about $ 110,000 value is too low. THen I paid $ 2000 for 3 appraisals, that came in so low, that they won't even do the loans (they have a minimum of 75k per loan, which has to be 70% or less of ARV). Considering that Newly renovated 3/2 in my are selling for 130-150K right now and mine are newly renovated, but not new kitchen cabinets and not granite counter tops, I'm furious that the appraisals came in between 80- and 85K. Fixer-uppers are being sold here for that price.

Anyway, I then contacted a mortgage broker on Friday, filled out an application and he won't respond by email or phone to me. Have no idea what's going on. Net worth is 7 figures, monthly gross rental income is about 14K (with 4K in mortgages). Credit score around 700, I think. So, somehow I didn't think that I'd be such a bad candidate. 

Any suggestions on potential portfolio lenders in the area?

@Michaela G. I am not sure you need a "portfolio" lender unless you are certain that comparison valuation is not going to work for your properties. It just sounds like you have been dealing with sub par lenders. 

I am not sure what the best way is to find more qualified lenders, who don't want to waste your time or theirs. I am licensed in GA if you do want to talk. I don't want to do a loan app or anything like that - I would first want to clearly understand what your current situation is, how the loan to values look currently, what current values in the area are and what your expectations are. 

If you want to reach out, feel free to PM me. No worries either way. Happy Holidays. 

I am not looking for mortgage brokers to contact me through this thread or colleague requests. I would like to hear from other investors, who have experience working with certain companies. 

No offense, but all of you that have contacted me - I don't know you and there're simply too many scams out there, including on this site. 

Try Brian Huff from Quantum Bank. I don't know their criteria for portfolio refinancing, but I do know that real estate investors are a large part of thier customer base.

P.S. I tried to post his contact info but BP wouldn't let me. Please PM if interested.

@Michaela G. I have used Vizio Lending for a ReFi in Oakland City. The problem I had, was it took 3 months instead of the 30 days they promoted and the fees (8K) were ridiculous. I later found out that if you Refi'ed multiple properties, those fees would have been spread amongst the properties and would have been much more tolerable. 

I am also currently in the process of ReFi'ing a duplex in Oakland City with a local bank. 

Good luck and feel free to send me any questions. 

@Rush Wall , thank you. I guess Oakland City has similar problems with values as Pittsburgh. Ours have really gone up a lot and properties seem to be selling like hot cakes, but if you look for the past year, an appraiser can find comps for any value that he wants to use. 

I have just started yesterday with someone that came highly recommended and I will try to work something with him. Supposedly very, very fast. So, we'll see 

@Michaela G. could you pass along the contact info and please let me know how it goes, I am always looking for someone to handle my ReFi's.

@Michaela G. I hope your response about lenders reaching out to you was not in response to me. If not, allow me to give you a little more info. 

First and foremost, you are looking for information on this site. Most people on here that are lenders are not only lenders, they are also fellow investors. I being one of those people. So when you are asking a community like this, I am responding with both personal and professional knowledge of the business. 

Secondly, you state you don't know anyone and there are too many scams. While I agree about the scams, we are talking about he exchanging of information. Which many of the lenders on here, like Chris Mason or myself, are giving away for zero compensation. We are not paid to give advice on here. We are 100% commission. The amount of potential deals that come from this forum are the smallest percentage and if you looked at it based simply on compensation, probably not worth the time. So my advice would be to find lenders you see giving solid advice and start treating the information they are giving you with a little higher regard. The reality is you "dont know" anyone on this site yet you would be willing to take the advice of an "investor", regardless of their experience, that you know nothing about, over an experienced lender? That doesn't make a lot of sense in my opinion. 

Lastly, one more bit of information on advice from legitimate lenders on here. The investment loan sizes you are talking about are not very profitable at all from a lending perspective. It is not worth it for any legit, busy lender on this site to go out of there way to try to sell you or get you to reach out in order to get your business. It is always great to increase your network and give the best advice possible, because you never know who will be a great referral source, but lenders aren't going to be tripping all over themselves or aggressively pushing you for an $80,000 investment loan, generally speaking. 

Just wanted to add my two cents. Take it or leave it. Good luck with your future endeavors. 

@Jeff Dulla . Thanks. I'll leave it. It's not as if 300 posted comments puts you into the same league as Chris Mason. 

@Michaela G. Knew it was a name you would know. In what I said above, I never compared myself to him, simply said we receive no compensation for trying to consult people on here. Best of luck to you though! 

@Anthony Boston I did. Took about 3 weeks, which was great considering the time of year. Was able to get my cash back out of the deal, payoff hard money loan and move on to the next one.

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