Ok, so I got a major kick in the gut today. I went to get pre-approved for loans, and find out its a little more difficult to get a 30yr conventional on an investment, and nowhere near prime. All my analyzed deals getting $200 per month, and 1.2 suddenly vanished. So where are you getting your conventional loans on investment properties for a 30yr?
I went to River City today, and while they look promising on rehab loans, they told me they only do 15yr mortgages, so no conventional long term loans there. They wouldnt even consider another loan program I was asking about to purchase a house for my aging father.
Then I called with Republic, and the VP I was talking with was also a new investor, so that was cool, but the best he could do is a 20yr amoritization, with a 10yr ARM and then a balloon payment. mid 5% depeding on 15-20% down. Their rehab loans were a laundry list of hurdles, so I will finance rehabs out of my HELOC if I go that way.
I cant get Robbie Brown from Park on the phone, been trying to connect with him for almost 2 weeks.
There is still a list of credit unions and banks I can call, but was wondering if someone could give me a few more options to move to the top of the list.
Are you trying to get a personal loan for the investment property? I talked to a guy up here from mb Financial yesterday. He was willing to do a 30yr conventional up to 450 (maybe 475 I don’t have my notes here) with a slightly higher rate because it’s an investment property. If I ran it through an LLC it would be a completely different issue.
I am looking for personal loans, but Republic wanted it through an LLC. While an LLC is probably a good way to go, I was thinking I would not set one up yet.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.