recommended lenders for MKE investment properties

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recommended lenders for MKE investment properties

Stuart Grazier
Investor · Parker, CO · Member since 2016 · 550 posts · 389 votes

Does anyone have any recommendations for local lenders in Milwaukee that can handle a high volume of monthly transactions on investment properties? We are looking for more lenders to add to our recommended vendor list who are good at working with out of state investors and can close quickly and can respond in a timely manner to our clients. We are looking for lenders who can offer cash-out refinance options, along with fixed 30 year mortgages for SFH rental properties. Thanks in advance.

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Rebecca KnoxBusiness Member
Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
7y

Feel free to join Brew City REI Club on Facebook. There is a on going lender list but this topic comes up often and there are a lot of recommendations as well as lenders in the club.

Captain Save-A-Home LLC
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  • Nicholas Covington
    Mortgage Broker · Dallas, TX · Member since 2017 · 657 posts · 275 votes
    7y

    @Stuart Grazier not local, but let’s connect.

    0Reply
  • Rebecca KnoxBusiness Member
    Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
    7y

    Feel free to join Brew City REI Club on Facebook. There is a on going lender list but this topic comes up often and there are a lot of recommendations as well as lenders in the club.

    Captain Save-A-Home LLC
    WebsiteView Page
    1Reply
  • Dan Gamache
    Lender · Boston, MA · Member since 2019 · 417 posts · 150 votes
    7y

    @Stuart Grazier I'm with Lima One Capital, we are licensed in Wisconsin and have wholesale division for brokers/lenders. We offer 30 year products and cash-out refi's. Let me know if you'd like to get more information.

    0Reply
  • Stuart Grazier
    OP
    Investor · Parker, CO · Member since 2016 · 550 posts · 389 votes
    7y

    @Rebecca Knox Thank you. I’ve seen the list; it’s almost too long! Haha! Don’t know where to even start. Anyone you’d personally recommend?

    0Reply
  • Rebecca KnoxBusiness Member
    Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
    7y

    It seems like Eric Wennerstrand & John Haydin are doing a lot for investors (First Centennial). I actually plan on contacting them myself about a property we are buying in cash because I heard they are able to re-fi quicker than most. Equitable Bank and Waukesha State also work with many investors and I see a lot of out of state investors using US Bank. I would say just post your request and the basic types of financing you are looking for and members will answer on who to contact right now. 

    Captain Save-A-Home LLC
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  • Rebecca KnoxBusiness Member
    Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
    7y

    I also am liking Scott Schultz's banks--National Exchange Bank & Trust & State Bank of Newburg. They are on my list as well when I shoot out my financing quote. 

    Captain Save-A-Home LLC
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  • Stuart Grazier
    OP
    Investor · Parker, CO · Member since 2016 · 550 posts · 389 votes
    7y

    Thanks @Rebecca Knox! I'll reach out to them! 

    0Reply
  • Alex BekezaBusiness Member
    Lender · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
    7y

    @Stuart Grazier In MKE, we can handle everything from the high leverage hard money purchase financing to the cash out refinance into a 30 year fixed. Vesting in LLC is no problem and these loans are based strictly on FICO, experience, and subject property cash flow (DSCR).

    The reason our hard money program is so advantageous for active investors doing several deals a month is because once you've been underwritten the one time up front we don't pull credit or request new asset statements on a deal by deal basis. Your interest and points don't change either so you're not having to negotiate deal by deal like in other HML situations.

    Would love to connect and chat more.  Check out www.brrrrstrategyfunding.com for some more basic info. 

    [email protected]818-606-8823
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  • Rebecca KnoxBusiness Member
    Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
    7y



    https://www.bankpeoples.com/For-You/Learn/Newsroom/Peoples-Announces-Milwaukee-Branch?fbclid=IwAR3buN1f5nVvZSNX1S51ivdzsgfDWRJJTtrTD4nFLjfZ4DFSBKSqrpKvYZE

    Also, I forgot--try People's State Bank,Craig Lau. Someone just posted this article in our club the other day.

    Captain Save-A-Home LLC
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  • Rebecca KnoxBusiness Member
    Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
    7y

    @Alex Bekeza how long before you can cash out on appraised value rather than purchase price?  How long does it take to close a typical transaction? 

    Captain Save-A-Home LLC
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  • Alex BekezaBusiness Member
    Lender · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
    7y

    @Rebecca Knox In general, in terms of hard guidelines, 90 days of title seasoning would be the minimum required to use new appraised value.  However, I have seen some exceptions when a clear scope of work is provided and/or the same lender funds the purchase. Realistically the 90 days is rarely an issue since it will often take this long to ad significant value and have the place rented out.  

    The biggest 3rd party time constraint on most of these deals is the appraiser.  We're in a red hot refinance market and appraisers are over booked pretty much across the country with obvious market by market variances.  That being said, we still close these loans in about 21 days on average. 

    Feel free to reach out anytime to have a scenario priced out!

    [email protected]818-606-8823
    Investor Property Loan5307 Reviews
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  • Rebecca KnoxBusiness Member
    Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
    7y

    @Alex Bekeza great. Thanks. Feel free to look up our local real estate club, Brew City REI and you can say I invited you. Many potential clients in that group. I will be in touch.

    Captain Save-A-Home LLC
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