Portfolio loans/Cash out refi in St. Louis

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Portfolio loans/Cash out refi in St. Louis

Donald S.
Accountant · Saint Louis, MO · Member since 2017 · 409 posts · 362 votes

Hi Everyone, 

I'm going to be making offers on my first properties in the next 2 days or so and was wondering if anyone knew of good banks/Credit unions in the St. Louis area that have good rates and terms on cash out refi for LLC's and/or good terms on conventional loans for LLC's. I've only talked with 1 bank/2 CU's so far, but neither had anything good, 65/35 15yr fixed starting ~4.5% and with no cash out option, or just flat out don't do loans to LLC's.

I've considered doing the loan in my personal name to start also, but would like to keep it in the company as added protection. Anyone in the StL are got suggestions? 

p.s. Anyone know a good RE Lawyer they can recommend in St. Louis, I want to have one I can talk to just in case. 

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Frankie Woods
Investor · Arlington, VA · Member since 2012 · 1k+ posts · 491 votes
8y

I've used F&B Financial Group and Midwest Regional Bank for portfolio lending.  Best of luck!

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  • Kyle Eckert
    Realtor · Saint Louis, MO · Member since 2017 · 228 posts · 174 votes
    8y

    @Donald S.

    From what I understand, most STL area will give loans to individuals, but your company needs to be established for it to be considered for getting a loan.  American Eagle Credit Union wont even give a company a line of credit unless it has existed for a year.  That said, a rep there said they do have a portfolio loan at 20 years, if you havent talked to them yet.

    Frankly, I havent had the time or energy to go bank fishing yet.  It is exhausting and frustrating.

    0Reply
  • Donald S.
    OP
    Accountant · Saint Louis, MO · Member since 2017 · 409 posts · 362 votes
    8y

    @Kyle Eckert I understand, just talking to the 3 I did was not what I'd call fun. I've also considered buying it in my personal name and then having the LLC rent the house from me. My CPA suggested that for S corp entities, but currently I'm just a Sole Prop. I'll have to find a RE Lawyer and see if doing it that why will give me the added protection I'm looking for, or if I just have to risk it and hope my insurance policy covers me.

    0Reply
  • Megan GreathousePro Member
    Rental Property Investor · Saint Louis, MO · Member since 2017 · 397 posts · 469 votes
    8y

    @Donald Shaver, look up American Bank of Missouri. I don't know that their terms are much better, but I'm pretty sure they'll lend to an LLC. Also, I got conventional loans for my first two properties, and while the lender I used wouldn't lend to an LLC, they flat-out told me, "You can always quit claim the properties to your LLC later." While there is a due-on-sale clause that some people worry about, I've heard very little about lenders actually caring as long as they're still getting their payments every month.

    As for an RE Attorney, I've been working with John Banjak. His office is in Clayton. I can message you  more details about my experience with him, if you'd like. He's be really great so far.

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  • Bob M.
    Investor · Saint Louis, MO · Member since 2014 · 37 posts · 14 votes
    8y

    Hi @Donald S.

    Any update on finding a lender?  How did the offers go?

    Thanks,

    Bob

    0Reply
  • Donald S.
    OP
    Accountant · Saint Louis, MO · Member since 2017 · 409 posts · 362 votes
    8y

    I found a couple places that would do the finanacing needed for a BRRRR, but so far haven't found the right property. The one I thought I'd be making an offer on took his property off the market the day after I posted this.

    1Reply
  • Keith Holmes
    Saint Charles, MO · Member since 2018 · 2 posts · 0 votes
    8y

    Hello everyone. This is my first post here on bigger pockets. 

    @Donald S. do you mind sharing the few financial institutions you did find in st louis. I'm actually closing on my first property today and plan to implement the BRRR strategy in 6 months or so. Having the institutions months in advance would definitely help alot.

    Thank you!

    0Reply
  • Frankie Woods
    Investor · Arlington, VA · Member since 2012 · 1k+ posts · 491 votes
    8y

    I've used F&B Financial Group and Midwest Regional Bank for portfolio lending.  Best of luck!

    1Reply
  • Keith Holmes
    Saint Charles, MO · Member since 2018 · 2 posts · 0 votes
    8y

    thanks I’ll definitely give them a try when that time comes!

    @Frankie Woods

    0Reply
  • James Harris
    Rental Property Investor · Saint Louis, MO · Member since 2020 · 8 posts · 1 vote
    6y

    It’s been 2 years since someone has post anything on here. How’s everything going regarding financing? I’m curious about all the aspects to real estate investing. Really want to dive into purchasing; however, i don’t know where to start.

    0Reply
  • Nathan Carsten
    Investor · Denton, TX · Member since 2020 · 47 posts · 12 votes
    6y

    Hey James- Welcome to RE Investing, best of luck to you.  I've got 3 rental properties in the St. Louis area.  I purchased the last one a couple years ago and had to step away from real estate for awhile to focus on my W-2 job.  But I'm working on getting back in the game in St. Louis.  If you have any specific questions, I'd be glad to answer to the best of my ability.

    To anyone else that comes across this thread- I'm looking for a local bank that works with out-of-state investors on lines-of-credit. I would like to BRRRR some St. Louis property and use the LOC for purchase and rehab.

    0Reply
  • Abdul Jabbar Khan
    New to Real Estate · Houston, TX · Member since 2020 · 21 posts · 3 votes
    6y

    Any updates on this?

    0Reply
  • Matt Abrams
    Investor · Ventura / Saint Louis · Member since 2019 · 14 posts · 10 votes
    5y

    Chris Beahm at Guild Mortgage is awesome for people doing brrrr and trying to refi before 6 mo. Shoot me a message and i’ll share info. 

    Anyone have updates on a portfolio lender local to St. louis for 5-10 properties? 

    0Reply
  • David OunanianBusiness Member
    Real Estate Broker · St. Louis, MO · Member since 2017 · 380 posts · 195 votes
    5y
    Originally posted by @Matt Abrams:

    Chris Beahm at Guild Mortgage is awesome for people doing brrrr and trying to refi before 6 mo. Shoot me a message and i’ll share info. 

    Anyone have updates on a portfolio lender local to St. louis for 5-10 properties? 

    Hey @Matt Abrams thanks for the recommendation of Chris at Guild Mortgage in St. Louis! He is awesome! We are refinancing 60 days after purchase doing no renovations on a tenant occupied single family. It's the easiest BRRRR I've done to date! He also helped me work around the 10 property limit I ran into with other conventional lenders.

    On the portfolio side we've had a lot of success with Carrollton Bank.  They seem to have the most flexibility on what and who they will lend on and have came in to save a lot of transactions for me that would've fallen through due to financing.  Let me know if you'd like me to make an introduction?

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