Portland Portfolio Lenders?

Question

Good morning- looking to finance our 7th investment property and running into some challenges with financing.  Thinking a portfolio loan might be an easier way to go... Anyone have recommendations for local (Portland area) portfolio lenders? Thanks!

Daniel Federico · Answer

@Amy R.Amy have you looked into nationwide portfolio lenders?

Kerry Baird · Answer

@Snehann Kapnadak, thanks for the mention.  I have used Ridge Lending, and really enjoyed the process.  Caeli (pronounced Chay-lee) is informative, and she is an experienced investor herself.  One of the things she does that I haven’t seen any other lender put forth, is talk with the investor about how to work out mortgage sequencing.  What price point properties to put first or last (in regards to DTI), what things to do with tax returns so that we are more likely to be ready in the upcoming year to buy a property, and similar help in planning.

That said, the lending process itself was as it is everywhere...much paperwork.  But they ask for it all upfront and aim to update the borrower profile as needed, over time.  We did several mortgages at the same time.

And, though I haven’t used them, I have had conversations with the staff at Corevest (above) and think this company will be a great fit once an investor needs a line of credit product for acquisitions, or portfolio products (after the first ten mortgages are utilized).

Any other questions?  I’ll be happy to answer.

Kerry Baird · Answer

Caeli Ridge of Ridge Lending.  You can listen to her interviews on “Get Rich Education” podcast.  She’s funded a number of our rentals (in TX and FL) but she’s local to you.

Daniel Molina · Answer

@Amy R. Sorry I am late to the party! Portfolio loans are a great option; however, you should really note a pre-payment clause and any acceleration clause should you decide to sell off 1 asset of the 7. They also tend to have a lot of document requests which was noted in the comments above.

I would recommend considering just financing the one asset with a private lender if it is the only one giving you issues. I would continue to use conventional lending until you hit your fannie max of 10 loans.

Feel free to reach out should you have any other questions.

Amy R. · Answer

Hi Snehann-

We actually haven’t used Ridge- I countinue to hear good things however. Sorry I can’t help more!

Snehann Kapnadak · Answer

Hi @Kerry Baird and @Amy R., hope you both are doing well and ready for the weekend! Wanted to ask about what your experiences with Ridge Lending have been?

• Are they transparent with the financing process?
• What are their closing costs and lending fees like?
• Is their customer service good?

Thank you in advance!

Amy R. · Answer

Thanks Kerry! I’ll look into Ridge. Also just started listening to that podcast- it’s great!

Portland Portfolio Lenders?

Most Popular Reply