Investor-Friendly aka Portfolio Lenders in Mass

Nate Ginsberg · 2021-11-05T05:20:00-07:00

I have a bunch of equity built up in a couple of small multi-family properties and I would like to take cash out to do two things: (1) force appreciation by making improvements to currently owned properties, and (2) purchase additional rentals. I would like to avoid refinancing if possible because my current mortgages have extremely low rates (these were originally purchased as owner-occupied properties). What options do I have for getting a second mortgage or HELOC? How can I find an investor-friendly lender willing to take second position? What banks/credit unions have other Massachusetts investors had success with refinancing or getting HELOC on their multi-family rentals? For reference, I am in central Mass along Route 2 corridor between Leominster and Gardner. Thanks in advance BP!

Lien VuongBusiness Member

Real Estate Agent · Boston, MA · Member since 2018 · 2k+ posts · 1k+ votes

4y

Workers Credit Union and East Boston Savings are great sources. Maybe @Matthew Crivelli can give you some insight too!

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Nate Ginsberg

OP

Rental Property Investor · Leominster, MA · Member since 2019 · 42 posts · 22 votes

4y

Thanks @Lien Vuong for the tips. I tried WCU already and best they would do is 70% LTV. I'll check East Boston Savings Too. So far, I've tried the "spray and pray" approach reaching out to a handful of lenders and have not had much luck yet. Hoping the BP community can help me hone in on a more targeted strategy to finding a lender.

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Jonathan BombaciBusiness Member

Real Estate Agent · Lowell, MA · Member since 2019 · 1k+ posts · 1k+ votes

4y

@Nate Ginsberg what’s the total value of portfolio and how much are you looking to get out of them? If the total portfolio is over a few million and they’re within a couple miles of each other there could be some cool loan options out there for you. If they’re smaller than that or spread out more than that the local credit unions will be your best bet.

For WCU did you talk to the residential side or commercial side? I know they can do 80% LTV on commercial refinances, for the right assets, but most banks don't like being in the 2nd position which is likely what you're encountering. We have Jeanne D'ARC Credit Union as a guest speaker at our Lowell meet up on 12/9. Both the residential and commercial team should be in attendance and that might be a good forum to talk through potential options. Who knows with enough investors in the room we may come up with something unique. The meetups is called Pints and Properties and it's here on BP under the events tab. We do one in Lowell, Worcester, and Waltham which all might come up if you search for them.

Best,

Jon

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Paul Ireland

Realtor · Boston MA · Member since 2018 · 44 posts · 23 votes

4y

I highly recommend talking to Ashley Marcum at Millbury National Bank. I am doing that exact same thing right now and the process has been great. I am getting 80% LTV but they are first position. I called a couple dozen banks before choosing them.

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Brian J Allen

Real Estate Agent · Worcester, MA · Member since 2018 · 519 posts · 410 votes

4y

I would reach out to Bruce Mathieu at IC Credit union. And they are local to Leominster. They also do 80% LTV for portfolios

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Investor-Friendly aka Portfolio Lenders in Mass

Investor-Friendly aka Portfolio Lenders in Mass

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