Investor Friendly Lenders in Middle Tennessee
Does anyone work with an investor friendly lender (small bank, credit union, etc)?
It's obvious to me now that the choke point in my buy and hold strategy is financing, since anyone who follows Fannie/Freddie guidelines sees my DTI as way out of whack (due to an oddity where they'll count the debt servicing on properties against my debt but won't count the rents as income until they show up on tax returns). This isn't going to change, so I'm looking for a lender that makes underwriting decisions in house and doesn't sell loans on the secondary market.
I can buy and fix up with private or hard money, but unless I have a lender that will put long term financing in place based on the rent rolls and my track record I'm going to be waiting a long time to acquire new properties.
Most Popular Reply
CedarStone bank. Hank Stuart is the investment lending specialist and actually knows what he is talking about. Most lenders hang up the phone when you say the word "investment"
They hold portfolio loans. Their max term is 20 years and since they hold their loans in house they don't do fixed mortgages. If they did that they would be receiving a low interest rate on money loaned out and paying higher interest rates on deposits. (When interest rates rise).