Our real estate investment company focuses on buy and hold properties. We are in the process of finding a financial institution to work with to obtain the mortgage on our first property. Ideally, we would want to find a local bank, as we have heard these types of banks are most easiest to work with. We will be investing in southeast Michigan (tri-county area). Any recommendations? Thank you.
Congrats! Are you looking for residential or commercial?
When you reach out to one lender, you're stuck to one lender's rates, terms, and guidelines, along with the products they offer. In my humble opinion, a Broker would probably be a better option as far as initial shopping goes. You'll obviously have an additional fee to pay (the broker's fee), but you'd be working with someone who has relationships built with multiple lenders already and will spend the time to find you the right fit for your project as opposed to just shooting darts yourself. Broker's often work with local banks as well, I know I do when I shop loans for my clients. Hope this helps!