Does anyone have a great Portland - Oregon mortgage broker to recommend? Someone who has worked with investors that target duplexes - 4plexes?
Most of the brokers I've worked with seem to focus on SFHs and don't really know the multifamily loan options very well.
@Michell P. I'd speak to Jenelle Isaacson at Living Room Realty. I interviewed her on my podcast and she's very impressive. She is a developer and investor herself too.
@Michell P. You should give Dante Jones a call at Umpqua. His number is (503) 484-1599. Let him know I referred you. We closed a plex with him recently and had a good experience with him.
Keep in mind if you are talking about holding this in an LLC or other entity, you will need a commercial loan and that may be your issue.
@Michell P. Local does not matter when it comes a mortgage banker. Money is Green anywhere it comes from. What you want to look for is a reliable individual that provides good service, and has access to multiple investors to be able to give you the best options. A 1/8 rate difference will not make a difference if you are pulling your hair out through the process as the loan has hiccups.
Of course this is a biased opinion. But you have validate it. You have talked to "experience" local mortgage banker and non knows have to deal with a multiplex loan. That should tell your something. Go with an expert, irrespective of where he/she is located. You don't need to see them. They just need to be accessible.
Upen Patel, Mortgage Banker
Federal NMLS# 1374243
Thank you all!
To clarify, I'm talking about 2 - 4 unit personal / residential mortgages.
I figured since this is the Portland forum, it'd be nice to have a list of great local recommendations :)
I agree @Michell P. it is hard to find a competent broker specially when multi units come into play. I have dealt with several brokers over the years and found a great one in Walla Walla. I was leary to use someone from out of the area but at least he was from my state. He financed my primary residence 4 years ago and wasn't afraid to do all the paperwork with all my rentals. We closed in about 3 weeks. My hesitation quickly went away when I saw how quick he moved. I am currently closing on 3 duplexes with him right now. He understands investors and the guidelines. Fannie Mae guidelines for investors change from 1-4 mortgages and 5-10 mortgages. Affects LTV and cash outs. his website is loanharvey.com A play on his name Lorne. He even has his cell number on the website. He is licensed in WA,OR,ID. Give him a call and see for yourself. Tell him Jim Costa sent you.