I've been here for some time and have a done some work with Provident as well as Golden-1 but I don't think they are the smoothest or most investor friendly banks to work with. Does anyone recommend any smaller lenders/banks/credit unions who are literate on more complex loans(cash out refi, delayed financing exemptions etc..)
I’ve had good luck with First Tech, but they have pretty restrictive membership requirements.
I go with SAFE CU...at least i know better than Provident.
It helps that they have a branch in the office at my day job. We just completed a HELOC on one of our rentals and it was a piece of cake. No out-of-pocket costs when borrowing up to $250k, no appraisal, and it's interest-only for 10 years, currently 6.5% (for a SFR). It was about 2 weeks from completed application to funding. Their rates on a conventional cash-out refi are good, and they'll do delayed financing.
I believe everyone is the same, they follow the lender guideline. If they can't answer your question, they will ask higher officer. Brain Rose in Folsom help me out.
question for you @Edit B. is every one in the one institution same for helping client through the process? If not, what is your thought?
@Jeremy Brown that sounds pretty good for being on a rental, considering many will not do investment properties
@Nguyen Quach - although their limitations are the same within a company, the service is never the same for me. If the agent originating the loan is not well informed on more complex loans, the underwriting process required, they may easily waste your time and money due to some error on their side. I've had a large bank in Chicago work on our HELOC for about 3-4 weeks before they could tell us that they cannot do it because they did not work with properties in the region we were interested in.
I’ve found conventional loans to be similar from one institution to another. Occasionally, you’ll find a proprietary product offered by one. But, they vary greatly on lines of credit. Some don’t do rentals at all and many have very low loan limits.
SAFE CU has limit 150k for Heloc without full appraisal. And no need out of pocket money also. But First Tech sounds like even better when the limit up to 250k, and they also do the HEloc for rental property.
If I have opportunity, I will try First Tech. thanks for @Jeremy Brown
@Jeremy Brown Thanks for the tip on First Tech. I've never heard of them but after doing a little research, they seem to have nice options for a HELOC of HEL. It works out as I'm planning on getting a HELOC in a month or so to purchase another property.
My friend Jeff Lincoln is a Loan Officer at First Tech in Folsom. He is very good.
I've met with Jeff in Roseville. He had to refer us to someone else for the HELOC, but was helpful for other loan types.