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Portfolio loans or local lenders for out of state investors
Hello BP community,
Has anyone faced a hurdle to obtain loans from local banks, because one is not a local resident?
I purchased a rental property in Birmingham, Alabama and have contacted every local bank there and almost all of them do not lend to out of state investors. The only two banks I found out will lend to out of state investors would only do Fannie Mae loans. I could go that route and get the Fannie Mae loans, but I would like to purchase more than 10 properties. Has anyone had the same experience? Did you find any solution? I am aware I could hard money but interest on hard money start at 7+. I truly appreciate your input.