I am looking for more options for financing LONG term rental properties I want to purchase. We already maxed out 10 Fannie/Freddie loans so I am now looking for SOLID contacts at regional banks or firms/ private lenders who will do "commercial" type loan / Line of credit / private loans for my new rental properties I will be purchasing. If you have national contacts who can lend in any state, that would be GREAT, but also ok to find local contacts in following cities. Houston TX, Atl GA, Indy IN, Chicago IL
I know portfolio loans area available too but they usually require larger loans like 500K Minimum and that could be a challenge to execute all at once.
If anyone else has any other tips - please share!
When I need to find a lender for a particular property, I always go through the local MLS and find a few similar properties recently sold, and then call either agent and ask who if anyone wrote the new loan. Then I can tell which banks are currently most active and likely most competitive. Good luck!
@Jessie Chang I am closing my first loan on a 4 flat with Renovo in Chicago and @Nick Denning . This is the first deal we did and it went as smooth as i could have hoped. Their programs are strictly for landlords and the program we went with was their 30 year fixed. His info is below and I tagged him to this post. Their min loan is $75,000.
Nick Denning | Sales Director -Landlord Loans
222 W Adams St. Ste 1980 Chicago, IL 60606
I am a note investor from Houston, I have some local contacts for lenders here. I would like to chat with you in more detail about your investments strategy. Have you ever considered investing in notes, in addition to your current buy and hold strategy?
@Mark Ainley I have used Renovo for short term financing. Didn't know they did long term. Don't need to know your exact rate as I am sure it depends on a number of factors...but were they competitive ?
You can PM me if you prefer.