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.
@Stuart Grazier not local, but let’s connect.
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.
@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.
@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?
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.
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.
Thanks @Rebecca Knox ! I'll reach out to them!
@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.
Also, I forgot--try People's State Bank,Craig Lau. Someone just posted this article in our club the other day.
@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?
@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!
@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.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing