Rental Property Investor · Tavares, FL · Member since 2017 · 16 posts · 4 votes
Retired Navy and have been trucking out of STL for two years. Looking for a small multi family to house hack and slowly get off the road. Need to find a lender to work with and an agent who knows rentals. I have rentals in the California Desert but went through a rough absentee period with bad property management and tenants. I've found a new manager, gotten rid of some underperforming properties and cleaned up the others but the rehab costs on my tax returns scare the one retail mortgage broker I've tried. Got any suggestions for a lender and an agent?
Kansas City, MO · Member since 2015 · 123 posts · 46 votes
6y
@Chet Hileman hey, I saw your post. Do you lend in KC as well? I'm looking to max out my 10 allowable Freddie/Fannie 30-yr loans before moving into loans with shorter amortizations, balloons, etc. Looking for a lender specializing in investor financing — the lender I'm working with now is mostly focused on homebuyers, owner-occupied, etc. Thanks for the help!
Lender · Glenview IL- CDLP NMLS#230554 · Member since 2015 · 2k+ posts · 747 votes
7y
@Peter Clapham Your MLO can ask for one time exception for that huge deduction with paper trail. But if you are showing in both years tax return that get be granted.
Lender · Saint Louis, MO · Member since 2016 · 18 posts · 11 votes
7y
Hey Peter! I would be happy to talk investment loans with you. I live in South City, own multi-families and help close more investment loans in the STL area than any other local lender. I've got boots on the ground and know every neighborhood in the area. I'm happy to offer advice if needed. Best of luck!
Kansas City, MO · Member since 2015 · 123 posts · 46 votes
6y
@Chet Hileman hey, I saw your post. Do you lend in KC as well? I'm looking to max out my 10 allowable Freddie/Fannie 30-yr loans before moving into loans with shorter amortizations, balloons, etc. Looking for a lender specializing in investor financing — the lender I'm working with now is mostly focused on homebuyers, owner-occupied, etc. Thanks for the help!
Kansas City, MO · Member since 2015 · 123 posts · 46 votes
6y
@Alex Olson hey, I actually have reached out to a couple of those banks in the past, but the loan products they had at that time were 20-yr am. with a 5-7 year term. I'm looking for 30-yr freddie/fannie conventional loans right now. I'm not talking about Freddie Multi-family loans for $1mm+, the properties I am buying/refinancing right now are just 2-4 units residential properties. Thanks.
@Alex Olson hey, I actually have reached out to a couple of those banks in the past, but the loan products they had at that time were 20-yr am. with a 5-7 year term. I'm looking for 30-yr freddie/fannie conventional loans right now. I'm not talking about Freddie Multi-family loans for $1mm+, the properties I am buying/refinancing right now are just 2-4 units residential properties. Thanks.
Bank Midwest and Tim Franklin. Great guy but have had problems with the bank. He may know of others.
Rental Property Investor · Saint Louis, MO · Member since 2012 · 115 posts · 42 votes
6y
@Peter Clapham
Paramount bank in STL for conventional up to 4 units, just locked a cash out refi on investment property at 4% with $261 point discounts (a week and a half ago, rates may have come down more since then).
American Bank for commercial real estate loans.
Can’t help on private money lender recommendations, sorry.
Rental Property Investor · Tavares, FL · Member since 2017 · 16 posts · 4 votes
6y
@Daniel B.
Thanks for the recommendation. I'll contact them but I'm expecting the lending environment to be tough3during the crisis. It looks like you got in under the wire!