Florida: Responsive, Reliable, Investor-Friendly Lender

14 Replies

Good Day, BP!

Can anyone recommend an investor-friendly/savvy, responsive, creative, CLIENT SERVICE focused lender in FL

I am a new investor and have become incredibly frustrated with the lack of responsiveness and professionalism that I have come across. I reach out to a lender, submit the application (or verbally relay my information over the phone to avoid another hard inquiry), and when I ask for an estimate of rates, they disappear or take an unreasonable amount of time to respond and follow up is non existent. 

Perplexed that a service provider to whom I'm willing to hand over my business decides to drag their feet. 

Aside from one lender, who has provided above average client service (rates a little too high so looking for alternatives), I have yet to find a lender with whom I'd like to build a long-term relationship to add to my team and build my business. 

Please help! Thank much in advance!

What type of lender are you looking for? Conventional? Commercial/Portfolio? HML?

What was the rate from the lender who provided above average service but was high?

@Amanda Britton I feel your pain. I must have called a dozen local banks here around town without getting any response before finally settling on one. It just blows your mind sometimes how you will call a banker ready to work with them and give them your business and they will not even return your phone calls. 

What exactly were you looking for product wise and what rates did they quote you?

Maybe that would give me a better idea as to who you might be a good fit with.

Hey @Amanda Britton, I'm sorry to hear you've had that experience with lenders thus far.

You should definitely reach out to @Jorge Magana - he is an investor himself - very knowledgeable and professional. Let him know I referred you!

@Jason Brown Yes, crazy! Not that it makes the outcome any different, but at least I know it wasn't personal.

I'm looking for loans on condos, SFH, and 2-4 unit multi-family properties.

I'd like to put down the very minimum and, of course, get the lowest possible rate. My credit is in good shape. Perhaps I'm too optimistic, but I think the figures below are high. Each fraction of a fraction of a point is important to me.  

Was quoted the following:

SFH/Townhouse

- 20% down payment: 5.875%

- 25% down payment: 5.625%

Condo

-20% and 25% DP: 6.375%

- 30% DP: 5.375%

Thanks. 

That looks about right for a 20% down conventional Fannie/Freddie loan.

You might be able to get the % down a little bit but I'd expect to be mid 5's.

This is assuming it's an investment property that you won't be occupying.

I'd call some of the smaller local banks and credit unions in your area.

Depends on the type of loan product you are looking for.  It could be that you are reaching out to the wrong lenders for the wrong product.  I can provide you lender names but need to know what type of loan you are looking for.  If you look for a loan from a lender that doesn’t do that type of loan, you will likely get a lack of responsiveness.

I almost won a deal I wasn't even in the same ballpark as numerically, but my responsiveness and willingness kept me in the conversation long enough to get a sincere "thank you" which I don't underrate,

I can't argue with saving money, I encourage it!

Updated almost 3 years ago

I encourage saving money and will do my best to do so. However, looks can be deceiving and often times a balance between reasonable cost and stellar client support and transparency outweighs 'CHEAP.'

I'm actually closing on my refi this week. I locked in for a 30 yr fixed at 5.375% on my SFH rental.

Thats sounds about right.

@Daniel T Vo Totally agree. Client service and responsiveness goes such a long way in my book. I don't mind paying a (slight!) premium for A1 service, in certain situations. Definitely a balance between the economics and soft skills.