Portfolio Lender - NC?

19 Replies

Hey BP,

Looking to obtain a portfolio loan across a few properties to leverage up a bit.  Lima One does 8% but I'd like to stay around 6% if possible.  No pre-payment penalty preferred, though if there is a 1 or 2 year one that is fine.  I am fine with adjustable rate or fixed rate, as long as there is no balloon payment.  Don't care where the lender is, can be nationwide but properties are in NC.

Can anyone recommend a company I should look into? 

Thanks! 

Tags: Raleigh, Cary, Charlotte, Greensboro, Asheville, lender, mortgage, portfolio, loan

 I know a few promising lenders in Asheville- 

Dawn Morton at Firstbank, 

Becky Girard at Hometrust,

Mike Morgan at United Federal, 

and Tina Ketterer at Trupoint.

All are overworked and extremely slow as a result, but all offer portfolio loans at around 5.5%.

Asheville Savings Bank is good, but very limited and inflexible when dealing with investors

Avoid Steve Jennings at Carolina Alliance

Good luck and happy borrowing!

Greetings,

We offer private equity lending, although not sure if that fits your specific needs.

Would be happy to discuss. Drop me a note

Best,
Chris

@Tiffany Alexy

You'll have to stay with a bank like @Chris Harjes suggested above to get the rate where you want it.  Make sure you can qualify full doc if you're going with the banks.  There are alternatives that are significantly faster, but for rate, you've got to endure the process with a bank.

BTW.  Lima One isn't the only game in town for the second tier lenders.

Good luck and please accept my colleague request.

Thanks

Stephanie

They prefer to loan to LLCs, but they look at your personal financials, cash flow, credit, etc. I'm not sure where they draw the lines, but they're more optimistic than regular mortgage loans as far as credit score and number of financed properties. They are fans of solid income. 

And Stephanie Potter is right to use the word "endure". It's been an unbelievably slow and difficult process to get anyone to actually come up with money- 2-3 months  :(

Most small banks, where you will most likely get the best 'traction', will lend in small geographic areas. Asheville banks may not lend in Raleigh. Here's a list (from FDIC) of triangle based banks from Wake, Johnston, Harnett counties. I know for fact that at least two of these are chomping at the bit to lend. At least to well qualified borrowers. Read their SEC docs for more details on their specific underwriting or talk to one of their loan officers and schedule a meeting with their decision makers.

https://www5.fdic.gov/idasp/advSearchLanding.asp and fill in county and state.

FDIC # name base city base county assets (in $000)
11063 First-Citizens Bank & Trust Company Raleigh Wake 32795513
59049 Capital Bank Corporation Raleigh Wake 7789968
11507 The Fidelity Bank Fuquay Varina Wake 1808293
35100 Paragon Commercial Bank Raleigh Wake 1479318
35519 North State Bank Raleigh Wake 794715
27704 Wake Forest Federal Savings and Loan Association Wake Forest Wake 106019
31077 First Federal Bank Dunn Harnett 169392
35465 Select Bank & Trust Company Dunn Harnett 844197
11506 Four Oaks Bank & Trust Company Four Oaks Johnston 721297
29771 KS Bank, Inc. Smithfield Johnston 352033

I will leave it up to you to find your list for your county or counties.

About 100% sure if you don't call or contact them, they won't call you.

I went through the laundry list on my last acquisition... 

If you don't mind balloons, I had good convos with Paragon and Triangle Lending Group when I was last looking. I was also making progress with Crescom on great rates, but they had a sudden tragedy befall them (robbery/murders) that delayed things to the point where I had to break glass and look elsewhere. Horribly sad situation, but that bank was promising, and I'd recommend trying them.

I actually ended up getting great terms at Coastal Federal Credit Union, and I hope to continue working with them on future deals. There were a few hoops, but it turned out well, and their people have been great to work with.

Not sure if anyone will pick this thread up, but I'm looking for a lender who can do 12+ financed properties on 30 yr fixed loans, financing 3 or so per year, at decent rates. Equity lines on existing properties would be fabulous, but I've had no success with that. My credit is great and income is solid, but DTI is becoming an issue as I add mortgages. I've used UFCU in Asheville lately with great results, but they have switched to only doing 15 year terms for investors which would eat up my remaining DTI too quickly. Anyone know of a good one who serves Western NC?

I'm at 11 now, with two in hand, held in cash that I plan to refi once they're done later this year.  Also building 2-4 more depending on how the land we bought slices up for us, and would dig financing them as well.  

Hey @Chris Harjes not sure if this is what you are looking for. I just did a "blanket loan refinance" with 5 of my properties that what they did is moved all the existing loan into one and give me a business LOC on the equity side. The rate is decent and I love the flexibility of the LOC to use as it go. They did take a deep look on the cashflow history and my own income. The process was not bad. Let me know if that's what you were looking for.

@Jack Yen , yes this would be potentially appetizing for me. One bank offered something similar, basically refinancing everything that I own and intend to keep, which would net around $700k to play with. However it has a 5-year balloon, which seems terrifying. I've made a few good connections with local commercial lenders since I posted here. My favorite so far is Bryan Robinson at Nantahala Bank. He offers rates in the low 4s, set for 5 years, with a rate adjustment but a continued loan guarantee at that time. He looks primarily at cash flow, and uses actual 1099 income, not AGI. So I won't have DTI issues with him unless I quit my "real job" or try to buy half the county :)

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