Recommended investor friendly banks in mid Michigan?

Question

Does anyone have a recommended investor friendly credit union or bank in mid Michigan?

Looking for conventional with at least 70 LTV based on arv

Also any recommendations on a portfolio lender with good terms on short arm loans?

Wendy Patton · Answer

I have a few lenders for that - Brent with Silverline Lending - he has several programs

Jerry Padilla · Answer

@Brian Brusich

How long have you owned the property?

Did you pay cash for the property?

You can cash out refinance based on appraised value after 6 months - and start the process sooner than 6 months - just close on the loan after the 6 month mark. A SFR investment property will get you an LTV of 75% and a MFR 70% LTV.

If you paid cash for the property, you could cash out sooner with delayed financing. It would still go according to appraised value but you would be limited to a max of your initial purchase price plus closing costs.

Scott Passman · Answer

@Brian Brusich The only cash out refi I have done was on my primary residence which I had lived in for well over a year. It is my understanding that different lenders have different requirements, most common seems to be 6-12 month seasoning period. If you are looking for a shorter seasoning period I would call around to different lenders until you find one who will do that.

Brian Brusich · Answer

@Scott Passman I was told the seasoning period was 1 year for cashout refi, is this your experience?

Brian Brusich · Answer

@Andrew Russell LMCU told me they would not offer cashout refis on bon primary residence

Andrew Russell · Answer

Hey @Brian Brusich,

I am using Lake Michigan Credit Union for conventional financing. They are pretty good to work with in my experience. Both for primary residence and investment properties.

Brian Brusich · Answer

@Scott Passman thanks!

Scott Passman · Answer

@Brian Brusich I worked with Jake Slobin from Mortgage 1. He is based in Farmington, MI but he was working with me on a property in Grand Rapids and was a fantastic resource and loan officer.

Recommended investor friendly banks in mid Michigan?

Recommended investor friendly banks in mid Michigan?

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