Rental Property Investor · Wilmington, NC · Member since 2019 · 4 posts · 0 votes
Hey everyone, I know that there are Investment friendly RE agents all throughout Bigger Pockets, but I wasn't sure if there were similar "investment friendly mortgage lenders". I'm lookin for info on how to find investment friendly lenders (not necessarily HMLs or PMLs) in North Carolina, and if anyone had good experiences with them. A typical google search leads to a ton of lenders, but the ones I have spoken with over the last week, don't seem to fit that criteria...( 9 banks and counting) I know the normal response would be to check with local small banks, or credit unions in my area, but I wanted to narrow my search criteria, then focus on that specific lending group. Any advice with past lenders would be welcomed and appreciated. The property that I will be investing in is in Florida, I didn't know if that would have any bearing. Thanks to the community in advance-
Mortgage Broker · Dallas, TX · Member since 2017 · 657 posts · 275 votes
5y
So technically it sounds like you need a lender in Florida, as anyone in NC would need to be licensed to help you in FL. Is there a particular reason they need to be local to you in NC? Nothing is really done in person and out my years in originating even before covid, I served people all over just fine.
Rental Property Investor · Wilmington, NC · Member since 2019 · 4 posts · 0 votes
5y
thanks @Nicholas Covington, I just wasnt sure if there were inherent advantages from dealing with a closer lender, ie...relationships, market knowledge etc... Now onto finding a creative investment lender for a second property...
Rental Property Investor · Wilmington, NC · Member since 2019 · 4 posts · 0 votes
5y
@Simmy Ahluwalia I was speaking with another BP member and she told she shopped for a 10% down "vacation loan" for a second property. I realize that you need to stay at that property a specific amount of time, but is that something that you have had experience with?