Long Term Financing After 10 mortgages
Hello,
Does anyone have recommendations for long term lenders after you're Fannie/Freedied out?
I've purchased a handful of single family rentals over the last 4 months and I'd like to see how soon I can refinance from my bridge loan into long term debt.
My preferences are 30 years (20 years is okay), 75% LTV (80% ideal), min loan amount could be $50K (most of my properties have an ARV of $70K, although some are higher), preferably portfolio loans (I can bundle 5-15 properties into one loan), and requires less than 12 months of seasoning.
Corevest offers long term lending but has a $75K loan minimum which rules out most of my properties. Lending Home is also soon entering the Ohio market with long term lending options (if they haven't already) but have similar min loan requirements.
S&T Bank offers portfolio loans but require 12 months seasoning. I plan to work with them in the future but want to see what other options might work.
Thanks for any recommendations.
Most Popular Reply
Contact Peggy Alley at Ruoff Mortgage. I have a 30 yr fixed thru her on a $29,000 mortgage in a Cleveland suburb. Obviously, I can't confirm that she can help you, but she was sooooo easy to work with and would certainly let you know right away if she could service loans for you. I highly recommend her! Pm me if you want her contact info. Apparently, I can't post it here.