Portfolio Lenders Servicing San Antonio, TX

[Rashad George]

Hello All,

TLDR: I'm looking for a great portfolio lender who services the San Antonio, TX area to help secure a Loan for an LLC. Does anyone have any recommendations?

Background: Currently, I purchased single-family rental earlier this year with traditional lending and transferred title into my LLC. I realized that partnering early on in my real estate investing journey is most likely the path forward with least resistance. My sister and I have talked about getting into section 8 renting and are pulling the trigger.

We are forming an LLC in which I will retain 51% ownership. We're already working on the Articles of Organization to formalize expectations, ownership and etc.I know we have the option to get a conventional loan together and transfer title later but, we have weighed the options and come to the conclusion that it is less than ideal to have a conventional loan in both of our names since there is a cap on the number of conventional loans we can have at any one time. Now our challenge is finding a lender that will allow us to take title of the property in the name of the LLC at closing. Specifically what we are looking for is a lender that will allow this with any of their loan products.

Do you recommendations and/or contacts? I'm a beginner so any information provided will be welcomed as I'm here to learn, grow and spread more knowledge than I take away.

Respectfully,

Rashad

[Robin Simon]

Quote from @Rashad George:

Hello All,

TLDR: I'm looking for a great portfolio lender who services the San Antonio, TX area to help secure a Loan for an LLC. Does anyone have any recommendations?

Background: Currently, I purchased single-family rental earlier this year with traditional lending and transferred title into my LLC. I realized that partnering early on in my real estate investing journey is most likely the path forward with least resistance. My sister and I have talked about getting into section 8 renting and are pulling the trigger.

We are forming an LLC in which I will retain 51% ownership. We're already working on the Articles of Organization to formalize expectations, ownership and etc.I know we have the option to get a conventional loan together and transfer title later but, we have weighed the options and come to the conclusion that it is less than ideal to have a conventional loan in both of our names since there is a cap on the number of conventional loans we can have at any one time. Now our challenge is finding a lender that will allow us to take title of the property in the name of the LLC at closing. Specifically what we are looking for is a lender that will allow this with any of their loan products.

Do you recommendations and/or contacts? I'm a beginner so any information provided will be welcomed as I'm here to learn, grow and spread more knowledge than I take away.

Respectfully,

Rashad

Hi - not sure where you were seeing needing a "portfolio lender" for this type of loan but DSCR Loans sound like potentially a great fit (LLC friendly loans)

Sharing links to a 10-part Series on all you could ever want to know on DSCR Loans published last year on BP - hope it helps!

DSCR Loans: What Are They And How To Get The Best Terms

https://www.biggerpockets.com/...

DSCR Loans: How To Use Pro Strategies To Save More And Make More

https://www.biggerpockets.com/...

Multifamily DSCR Loans: A New High-Impact Loan Option For Real Estate Investors?

https://www.biggerpockets.com/...

12 Frequently Asked Questions (And Answers) About DSCR Loans

https://www.biggerpockets.com/...

8 More Commonly Asked Questions and Answers to DSCR Loans

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What Documents Do You Need for a DSCR Loan?

https://www.biggerpockets.com/blog/what-documents-do-you-nee...

BRRRR Loans: What Are the Options, and How Do DSCR Loans Stack Up?

https://www.biggerpockets.com/blog/brrrr-loans-what-are-the-...

Short-Term Rental Loans: What Are the Options and How Do DSCR Loans Stack Up?

https://www.biggerpockets.com/blog/short-term-rental-loans-a...

DSCR Loans: Terms to Know When Working With These Popular Rental Loan

https://www.biggerpockets.com/blog/dscr-loans-terms-to-know

What’s Next For DSCR Loans? Updates For 2024 and Beyond

https://www.biggerpockets.com/blog/what-is-coming-in-2024-fo...