Local FL Community Bank / Credit Union

4 Replies

Dear BP Community, I’m under contract on a triplex in central FL and am looking for any recommendations for a local community bank or credit union in my area. I’m located in Bradenton. I have relationships with a number of mortgage brokers and banks that I’ve used before but they all sell loans to the secondary market. I’m interested in a local bank who underwrites in house and who I can build my portfolio with. But is this the best strategy while I‘m still yet to cap out my Fannie Mae loan count? I have two Fannie Mae investor loans currently that were sold to secondary market, am I better off in terms of rates and costs continuing to just use my broker for another Fannie loan or switch to a portfolio loan via a local bank? Thank you!

@Matthew Dunn

Until you hit the Fannie Mae cap I’d keep using a broker. You’ll save on transaction costs until you hit the 10 loan limit. Once there, it would be wise to find a credit union or use a broker with solid Non-QM/Portfolio options.

Thank you both, much appreciated! I have decided to use a conventional lender, actually found one that keeps the loans in house and works a lot with investors. 277 pages of docs already sent to them to get started!!

Originally posted by @Matthew Dunn :

Thank you both, much appreciated! I have decided to use a conventional lender, actually found one that keeps the loans in house and works a lot with investors. 277 pages of docs already sent to them to get started!!

 I just sent you a PM. hope you can help. Thanks