Anyone used a Portfolio/Private loan for investment property

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Anyone used a Portfolio/Private loan for investment property

Todd Pippin
Member since 2019 · 10 posts · 5 votes

Hi everyone,
I'm an investor that has filled up all my conventional loan spots and I have more properties that I have purchased in cash, rehabbed, and looking to pull my money out.  (Single Family) I'm having a hard time finding a legitimate portfolio or private lender that will do a fixed 30 year loan/cash out refi for these investment properties. 

I'm finding some companies out there, but not sure how legitimate they are.  Almost seems too good to be true regarding their rates/terms.

Haus Lending?

American Financial Network?

Any info or experiences would be great, appreciate it!

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Stephanie P.Pro Member
Washington, DC Mortgage Lender/Broker · Member since 2016 · 4k+ posts · 2k+ votes
5y
Originally posted by @Todd Pippin:

Hi everyone,
I'm an investor that has filled up all my conventional loan spots and I have more properties that I have purchased in cash, rehabbed, and looking to pull my money out.  (Single Family) I'm having a hard time finding a legitimate portfolio or private lender that will do a fixed 30 year loan/cash out refi for these investment properties. 

I'm finding some companies out there, but not sure how legitimate they are.  Almost seems too good to be true regarding their rates/terms.

Haus Lending?

American Financial Network?

Any info or experiences would be great, appreciate it!

What's not legitimate about the myriad portfolio DSCR brokers/lenders here on BP?

If you're looking for a lender/broker,  you could try guys like @Tarik Turner, @Jared Rine or @George Despotopoulos.

They are all over BP with good explanations of situations, sound pricing examples and reasonable LTV's. I don't know anything about Haus Lending or AFN although they're really nothing more than big brokers.

My advice is find the person you feel comfortable with, do a little research to see if they know what they're talking about and move forward.  In reality, if you find someone on BP that has thousands of posts and a boatload of votes, I can assure you that person knows what they're talking about and can guide your loan to close.  Otherwise, they'd be flamed online.

Stephanie

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  • Stephanie P.Pro Member
    Washington, DC Mortgage Lender/Broker · Member since 2016 · 4k+ posts · 2k+ votes
    5y
    Originally posted by @Todd Pippin:

    Hi everyone,
    I'm an investor that has filled up all my conventional loan spots and I have more properties that I have purchased in cash, rehabbed, and looking to pull my money out.  (Single Family) I'm having a hard time finding a legitimate portfolio or private lender that will do a fixed 30 year loan/cash out refi for these investment properties. 

    I'm finding some companies out there, but not sure how legitimate they are.  Almost seems too good to be true regarding their rates/terms.

    Haus Lending?

    American Financial Network?

    Any info or experiences would be great, appreciate it!

    What's not legitimate about the myriad portfolio DSCR brokers/lenders here on BP?

    If you're looking for a lender/broker,  you could try guys like @Tarik Turner, @Jared Rine or @George Despotopoulos.

    They are all over BP with good explanations of situations, sound pricing examples and reasonable LTV's. I don't know anything about Haus Lending or AFN although they're really nothing more than big brokers.

    My advice is find the person you feel comfortable with, do a little research to see if they know what they're talking about and move forward.  In reality, if you find someone on BP that has thousands of posts and a boatload of votes, I can assure you that person knows what they're talking about and can guide your loan to close.  Otherwise, they'd be flamed online.

    Stephanie

    1Reply
  • Todd Pippin
    OP
    Member since 2019 · 10 posts · 5 votes
    5y

    Thank you Stephanie, I will do just that!  Appreciate it

    0Reply
  • Jared RineBusiness Member
    Lender · Sacramento, CA · Member since 2009 · 1k+ posts · 277 votes
    5y

    Thanks for the shout out @Stephanie P.  Very appreciated!!

    @Todd Pippin...if you want some eyes on your situation, please contact.  Thank you.

    Jared Rine United Lending Partners53 Reviews
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  • George DespotopoulosBusiness Member
    Lender · New York, NY · Member since 2016 · 936 posts · 287 votes
    5y

    Hey Todd, same as @Stephanie P. don't know much about the two companies you mentioned in your initial post (that doesn't mean anything negative, just never came across them). 

    This is a pretty ideal time to be doing a portfolio refi. It depends on your portfolio's characteristics (and your credit score, liquidity) but the typical range is about 4.75% - 5.5% for a 30 yr fixed, with a 5 year prepayment penalty (if prepayment penalties are allowed in your state -- some states, like OH, MI, PA have restrictions on prepayment penalty terms & fees). The benefit is that the rates aren't too far off from bank rates (like they once were) but the process is much better/easier and less is required of you. 

    MoFin Lending4.9152 Reviews
    WebsiteView Page
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