Where and how to find lenders?

Question

Hi,

What are some of the best ways to find lenders?  Ideally, I'm looking for smaller banks or credit unions as they usually have lower rates.  Right now, I'm trying to call up the local ones and hoping they would do the type of loans that I need but it's quite time consuming.  Would like to get some ideas on how you find them.

Thanks!

Jerry Padilla · Answer

@Vincent Dang

What are you looking to accomplish?

Are you putting the properties in your personal name? Are these but and hold properties?

Patricia Steiner · Answer

I'm not finding the lowest rates to be with the smaller banks/credit unions.  What I am finding are some super creative lenders - all with great rates - who have been solid partners for my clients. Many are brokers but others are lenders with big banks. Some of the smaller banks that have done financing for buyers of my clients' properties have actually been slow in processing and manufactured chaos that was far from needed/appreciated. My recommendation is to connect with an investor-focused realtor and seek their guidance. Don't attempt to "steal" their resources; all that time consuming calling that you've done is what we do as well as vet resources in licensing, production, and processing.  As a buyer, you don't pay commissions so build bench strength by adding a realtor with solid resources to your team.  Real estate investing is too complex and ever changing to go it alone...you simply cannot generate the volume to attract the best and most creative resources that a realtor/broker can.

Vincent Dang · Answer

Thanks Jerry.  I'm looking for a NNN commercial refinance.  The building is is Houston, TX under an LLC.

Vincent Dang · Answer

Thanks all for the tips.  Do you know any mortgage broker in Texas?

Jim Blackburn · Answer

@Vincent Dang

If you were going to need back surgery, would you hire a surgeon or try to learn how to be a surgeon yourself?

You want to hire a good mortgage broker who has access to 150+ banks and can shop the market offerings for you.  From there, the broker can provide you with a detailed breakdown of rate and cost offerings for your situation.

Time is valuable so usually the highest and best of our time is focusing on where we can produce the highest results and team up with others who excel in the areas that we do not.

Jim

Lee Burns · Answer

@Patricia Steiner thank you for that post!  It was so simple and this thread is exactly what I needed to hear.  I need to connect with an investor-friendly agent instead of calling banks and and searching for houses on my own.

Where and how to find lenders?

Most Popular Reply