@Mike Pritchett I did speak to Advia CU about it and they were open to the idea but I haven't done any loans with them. I don't want to recommend them without having used them for that purpose but you might try there.
Ask around your local REIA and see who other investors are using. One thing I've done is do a check with ListSource or DataQuick on banks who have loaned money on non-owner occupant properties in the area and price range I've bought in. Then I call them as they are at least willing to consider those properties. It narrows down the search and I've found two or three banks that way.
@Mike Pritchett I did speak to Advia CU about it and they were open to the idea but I haven't done any loans with them. I don't want to recommend them without having used them for that purpose but you might try there.
thanks, they do not offer such a product been there done that. they may do 1 or 2 but I have several mortgages. that's why I need a portfolio lender not just any lender.. thanks buddy
Here's a few more to call. Northpointe Lending, Kalamazoo Mortgage, Mackinac Bank, West Michigan Community Bank, BOFI Federal Bank, and I'd call up mortgage brokers, they should know someone, let us know how it goes..
Thanks my bp freinds now were talkin.thanks kristin goodroe all those connection were good . They just need the loan value to be 45000 purchase price 60,000 and that is fine ..thanks evryone im going to keep checkin neverknow how many lenders you need
thanks jeremy,ram ,kristin, julie ,aaron,andrew, joe make sure you all stay connected with me ..if you need anything just hollar. Ill make it happen as best as possible
Use the to find active institutions. Active FDIC status, Kalamazoo Banks: 1st Source Bank Chemical Bank Comerica Bank Fifth Third Bank First National Bank of Michigan Flagstar Bank, FSB JPMorgan Chase Bank, National Association Mercantile Bank of Michigan Old National Bank PNC Bank, National Association The Huntington National Bank
Add for Battle Creek: Southern Michigan Bank & Trust
Add for Grand Rapids: Bank of America, National Association Evolve Bank & Trust First Community Bank First National Bank of America Independent Bank Macatawa Bank Northpointe Bank The Northern Trust Company United Bank of Michigan Wells Fargo Bank, National Association West Michigan Community Bank
Then you can pick the banks that only operate in Michigan, since that's the best place to start: Macatawa Bank (FDIC # 34618) Flagstar Bank, FSB (FDIC # 32541) First National Bank of Michigan (FDIC # 58259) Mercantile Bank of Michigan (FDIC # 34598)
inst.
all RE loans
% RE of total loans
34618
798426
64%
32541
7549074
75% *
58259
269629
78% -
34598
1659287
69% -
(Dollar figures in thousands) * = high in 1-4 family residential, - = low in 1-4 family residential
To do yourself, go to the fdic.gov site, then BANK DATA & STATISTICS, then Bank Find. https://research.fdic.gov/bankfind/ Go to the Details and Financials to get their Assets and Liabilities report for the latest quarter, and Net Loans and Leases to get ratios of 1-4 family to total loans. They also break out loans by commercial, new construction, multifamily, etc. If a bank If the bank loans under a category (e.g. multifamily) are high as a percentage of the All real estate loans, then you know that you have a good target.
It's easy now compared to 2008-09. I literally talked to many dozens of banks, face to face, and had some throw me out. Had nothing to do with me or the loan proposition.
One thing I'm sure of. If you don't contact them, you won't get a loan.