New to Bigger Pockets - recommendations for mortgage brokers / lenders for multi fam
Hi all. I am Joel Huotari, an attorney based in Rockford, Illinois, where I practice complex commercial litigation and intellectual property law at WilliamsMcCarthy LLP. I am licensed in both Illinois and Wisconsin looking to build a portfolio of investment properties. Looking to start with owner occupied multifamily, anywhere from Roscoe, Illinois to Madison, Wisconsin.
I am here primarily as an investor rather than in any professional capacity. I have been actively researching multifamily opportunities in the Rockford and Beloit markets, and several alternative properties in the region. I am also evaluating new construction options in the Madison area. My current focus is on understanding underwriting fundamentals, financing structures, and operational realities before committing capital, and I am working through how the numbers actually pencil out in the Midwest small-to-mid multifamily space rather than the markets that get most of the attention here.
What I hope to gain from this community is candid input from people who have done the work, particularly investors who have operated in tertiary Midwest markets where cap rates and rent growth dynamics differ meaningfully from the coastal and Sun Belt narratives.
I am happy to share perspective on litigation issues where it might be useful, though I want to be clear up front that nothing I post here constitutes legal advice or creates an attorney-client relationship, and members should consult their own counsel licensed in the relevant jurisdiction for specific situations.
Looking forward to learning from everyone here.
Most Popular Reply
Welcome, Joel. You’re already ahead just by focusing on underwriting first before jumping in. For small-to-mid multifamily in the Midwest, I’d look for mortgage brokers who specialize in local portfolio lending and small bank relationships (credit unions and community banks are usually big in those markets). Also worth building relationships with banks in both WI and IL since you’re licensed in both, it’ll give you more flexibility on terms and deals.