I'm ashamed to say I haven't been as active on the site lately. It's time for me to get back in. I'm learning and doing as much research possible on portfolio lenders in northern utah. I just purchased a condo with a partner that doesn't qualify for conventional financing due to HOA restrictions / issues. I'm hoping to find local utah portfolio lenders and get more advice on portfolio lending in Utah (northern utah specifically). Any leads?
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@Tim Mellor Thx for the reply! I'll check out both of those banks, I hadn't talked to them yet!
@Christal Bowlby There were 2 HOA restrictions that we ran into I believe. #1 - Too many of the units are being used as rentals in the HOA community. #2 - Too many people are past due / late on their HOA fee's in the community.
Several credit unions offer them as well. America First, Goldenwest and University Federal. Talk to their business lending department(s).
Thanks @Tyler Williams . Good thought.
@Tyler Williams Still working on it but so far these are the two options I've found...
Lewiston State Bank & Goldenwest commercial loan department. I haven't had a chance to do a lot more talking with people but these are 2 good ones to add to your list.
Talk to Luke Sorensen with Security Home Mortgage in Orem UT. They do some portfolio loans. I hope that helps!
@Taylor Ballam I work for a portfolio lender. What questions do you have?
@Ty Burns I am trying to do some research on Portfolio lenders in Utah. Would you be able to help me out?
Is it possible to get a loan for an investment property with about 5% down?
@Ty Burns - It looks like you guys will be able to connect and help each other out.. I was able to finance my condo through goldenwest out of ogden... They were good to work with and we setup the condo on a 10 year commercial loan, which has worked well for us so far.. It did require the 25% down payment.. Quite a few lenders i work with will accept under 20% down payment but your rates are going to be a lot worse, so if you can I'd recommend paying the 25% down & if you have to finance the other 20% consider doing a HELOC on your primary residence or alternative option..
@Jamie Owen Check out Mountain America Credit Union. They have a 10% down for investment loans. Most other lenders will be the 25% down.
@Michael S. - No pre payment penalty. Honestly, I wasn't sure what you meant by "non recourse" so I had to look that up... I'm not sure whether or not the loan is "non recourse" and haven't ever evaluated or considered that while commercial loan shopping.
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