Borrower: "I would never use a portfolio lender" US Commercial

[Stephanie P.]

Last week, I spoke with a borrower who said "I will never use a portfolio lender."  

I was a little taken aback and probed a little deeper and the lady told me her tale of woe.  The guy she was using wasn't very communicative, didn't explain the process to her and to top it all off, her appraisal came in low.  She lost what she thought was the deal of a lifetime.  Things happen whether it's conventional or portfolio.  It sounded like she just had the wrong guy (although appraisals sometimes disappoint).

Here's when it makes sense to use US Commercial:

• You just started a new job and it's all commission (we don't verify income)
• When you Mom is giving you money for the downpayment and she won't give the lender a bank statement showing where she got it from. (in many cases, we just need a source of the funds to close, not seasoning)
• You just went out and bought a car and now your debt ratio is blown (that was dumb, but we don't care because we don't verify income)
• The property is in a non warrantable condo development (we do non warrantable condos)
• You've got too many financed properties and you have to start paying commercial rates

There are lots of other reasons (like we answer our phones on the weekend, we can get you a pre-approval in a couple hours, we always answer emails and texts same day and we work in all US time zones ) but once you've discovered you can't qualify for conventional financing, it's time to give us a call.  

Bottom line:  Don't lose a good deal because you don't qualify at the bank.

Happy investing,

Stephanie

[Stephanie P.]

Originally posted by @Jerry Padilla:

Great Post!

Thanks Jerry:)