Private/Conventional Lenders, Hampton Roads Virginia

5 Replies

Haven’t seen recent posts on the topic of lenders specifically in Hampton Roads Virginia, trying to revitalize the topic.

Looking at purchasing my first portfolio property that isn't a VA loans acquired due largely to having military orders to an area, looking for recommendations on private money lenders and conventional lenders with good rates in Hampton Roads. I am just starting out and not ready to HELOC or Cash-out Refinance my primary rental property yet (80k equity currently) so I'm looking to finance and use the BRRRR strategy to regain/acquire some more working capital.

Open to all Suggestions and Criticisms!

@Gary Boggs I will have to disagree with @Samuel Koch on this one. Atantic Bay may be good for owner occupant loans in Hampton Roads, but I have found that them and CapCenter don't have good rates or closing cost fees for investors. 

I assume you mean you are looking for an investor (non-owner occupant) loan. I don't have any hard money lender recommendations, but I do have some conventional loan suggestions.

I am in Richmond, but I feel like these lenders will work with someone in Hampton Roads too. Personally, I get quotes from George Mason, First Heritage, First Bank, and a broker from Home Loan Zone. I have a lot more success with companies like that than a CapCenter or Atlantic Bay. I got quotes from all of them a few weeks back for a loan I'm closing next week and Home Loan Zone and First Heritage had given me loan estimates that were almost identical to each other and beat out everyone else. Make sure to compare APR and closing fees (underwriting fee, discount points, etc) and not just the interest rate given.

@Gary Boggs regional specialty private lenders (like us, we are based in Fredericksburg, VA and are active in Hampton Roads market) are making the shift to landlord capital and have products designed for landlord investors, such as fix-and-hold (rehab bridge that converts to perm) and NO DSCR loans (for appreciation investors in high value markets where properties may not cash flow right away - using a 40 year amortized loan that is interest only for the first 10 years). Rates are a little higher than banks but still attractive.

@Samuel Koch

thank you for the recommendation, I will contact Ann and see if they can work for what I am trying to do.

@Amy H.

You were spot on with me trying to apply for an investor loan, thank you for the recommendations I will look up the companies you listed and see what their rates are for me.  My only concern with conventional financing right now is that, if everything were to go smoothly on rehab timelines, I would still have to eat two sets of closing costs in the deal.  My understanding was that private money may help me avoid the second set of closing costs at the risk of paying more interest if timelines go beyond expectations.

@Account Closed

Thank you for the private money recommendation. Do your bridge loans have a minimum timelines and can they include 80% and higher LTV or ARV + rehab?

@Gary Boggs bridge loans take a couple of weeks to close (depending on how organized the borrower is) and leverage depends on investor experience. For example an investor with modest prior experience (3 projects) can secure 85% LTC/90% Rehab/70% ARV.