Birmingham, AL · Member since 2017 · 13 posts · 4 votes
BP Family,
Hope all is well with you guys. I'm hoping some of you can assist with recommendations on local B'ham banks you have had success with on financing for investment properties. I've had reasonable success with Synovus (not so much a local bank) but they have been extremely slow and I would like to compare financing options. Any suggestions on who I should contact?
So what you are looking for is a portfolio loan or a commercial loan. Where the bank holds the note in-house vs farming it out. You will need an LLC as they likely won't write to individuals.
We use Bryant Bank, which has good terms and fair rates if your credit is over a 650
Metro Bank does them
First Bank of Alabama does them, have just started working with them
Peoples Bank of Alabama does them, have used them in the past.
When shopping for a bank you want to stay as close to 3-4 branches as possible, once you get over 10 or so, they no longer want to play with the little guys or there red tape is too deep to be worth your while.
After filling out the loan application the mortgage broker sends the info to 15 different local banks, national banks, credit unions, insurance unions and private lenders. Once they get the quotes back they then show each lender the others bid and cause them to outbid or resend offer. The best loans are then displayed to you.
So what you are looking for is a portfolio loan or a commercial loan. Where the bank holds the note in-house vs farming it out. You will need an LLC as they likely won't write to individuals.
We use Bryant Bank, which has good terms and fair rates if your credit is over a 650
Metro Bank does them
First Bank of Alabama does them, have just started working with them
Peoples Bank of Alabama does them, have used them in the past.
When shopping for a bank you want to stay as close to 3-4 branches as possible, once you get over 10 or so, they no longer want to play with the little guys or there red tape is too deep to be worth your while.
Josh Anderson are you and your company available for flip work in Birmingham? I’m looking to work with great contractors and am interested in speaking with you after reviewing your website.