Updated almost 11 years ago on .
Looking For A Long-Term Financing Relationship
I am in search of LTV or ARV based lending firms and/or portfolio lenders that can help me finance properties mostly in Chicago Illinois on both a longer-term (30 year) basis and a short term basis. I plan to acquire a good number of properties (starting at about 2 a quarter right now) and would vastly prefer to do my loans with the same person each time.
For longer-term financing I vastly prefer 30 year LTV based fixed rate financing but will talk about other terms such as 10 year fixed with 30 year amortization. My typical rate is in the 5% to high 6% range so anything higher than that for longer financing is not something I am interested in.
For shorter term financing I am buying properties at standard flip ratios (below 70% below ARV minus repairs), however I think the risk is much lower than the standard flip because I buy most of my properties from myself to hold as rentals. I can also secure (recourse) any short term financing with numerous other investments to get you comfortable that I can indeed perform in the worst case.