Recommendations on Madison, WI Lenders

4 Replies

Hi BP,

I've been doing searches on BP and also off the site as well but I wanted to reach out and see if anyone had recommendations for lenders in the Madison, wi area?  I've talked to several lenders in the Madison to Milwaukee areas this week and have had some great conversations.   I've been asking very pointed questions about working with investors but I would like your take on it. Do you have someone you've worked with that are investor friendly?  A brick and mortar location isn't a deal breaker to me but I'd like someone who does investing themselves or at least their company is familiar with it so they can provide feedback on a particular deal I may bring to them.  My first purchase would be a FHA or conventional loan but with other possibilities down the road (thinking a 5+unit building) some lenders don't cover those so ideally I would find a lender who has the resources to do both standard loans but also some "commercial" type loans in the future.   I spoke with one lender that was willing to do a line of credit to be used on future down payments and I liked that possibility to help with cash flow.  


Any feedback is appreciated. 

Mike 

Mostly banks has all the department like residential, commercial and business loan. You can start with bank where you are banking .

I recommend @Nicholas Vandervelde with Fortifi Bank (formerly 1st National) in Waunakee.  He understands investors since he is one himself.

I have several others as well, feel free to PM me.  But I would start with Nick.

Hey Mike, 

In my experience, there are 2 types of lenders I'd connect with. One would be the small local bank or credit union that understands investors and can do more "think of outside the box" creative lending. These are good lenders if you are purchasing a unique property, want to do something creative with financing (like financing the down payment or BRRRR stuff), have used up the maximum fixed rate loans you can get, or are purchasing a property greater than 5 units. Unfortunately, they are generally adjustable rate mortgages but loan fees are low.

The second lender would be a lender that can do FHA (including FHA 203K) loans, USDA loans, and HomeStyle renovation loans. I have yet to find a lender that can bo both "buckets" of lending. The second type of lender is excellent for fixed-rate low down payment owner occupy properties 4 units or less. Bill at AmeriFirst Home Mortgage in Middleton is good for the second type of lending.

Good luck!

Hello 

You certainly want to work with an expert in this type of mortgage for they do require a lot of expertise to ensure you have a smooth transaction. You can message me and I can give you a recommendation 

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