Financing for investors with 10+ homes
BP - so I have 15 SFR's and planning on buying 10 more. I am tapped out on FNMA so I secure a commercial lender out in CA (I'm in TX) with a 7% 5/1 ARM. I have tried lending one and they were about the same.
Any good solutions out there for 30yr money fixed with no impounds?
Most Popular Reply
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
- 6,535
- Votes |
- 8,267
- Posts
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@Philip McCleary I know we have PM'd each other but thought I would weigh in here in case others read this post as well.
In Texas, the standard "commercial" loan right now is a 20 year ARM around 6.75% adjusting (or renewing) every 5 years. There are certainly other loan products out there but they are a little harder to find. In general, a mortgage broker is a good place to start in a search for loans above the 10+ realm but I would always recommend having 3 or 4 lenders at this point in your career if you have 10+ properties. You certainly need different options and sometimes banks will change their tolerances for loans of this nature so you also need multiple lenders as backup options as well. In general, smaller banks will be your better bets. If they only have 2 or 3 locations....then that is perfect!
Hope this helps in some way. Thanks!