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?
This post has been removed.
@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.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.