Rental Property Investor · Pittsburgh, PA · Member since 2021 · 4 posts · 0 votes
New to the property investing, have one single home property under my belt. Did the BRRR method with that one, refi'd out of it and basically broke even on the appraisal. So do to only being able to cash out 80% of that, I was not able to repay my whole HELOC back that I used to fund this one.
I’m still doing ok cash flow wise but obviously I won’t survive long at that rate. Long story short, just looking for any input/recommendations on any banks or credit unions that are good with loaning to new investors like myself. Not just for BRRR either, conventional turnkey as well.
Also if anyone knows of any that are ok with putting it in a new business name, was the other hiccup I was running into.
Rental Property Investor · Pittsburgh, PA · Member since 2019 · 530 posts · 511 votes
5y
Some you should speak with:
S&T
Clearview
Main Street (out of Wheeling)
Dollar
I have either personally used or have friends that have each of these.
You may also look at hard money such as Riverview out of Cleveland or Lima One. Lima One has a nice rehab to rent single closing package with 30 year amortization. Being hard money rates are a tad higher but you save a couple thousand with only 1 closing and they do have fixed rates.
Real Estate Agent · Pittsburgh, PA · Member since 2015 · 1k+ posts · 846 votes
5y
@Jay Senior
Nextier
Brentwood
S&T
Dollar
Standard (purchased by dollar)
Huntington
Citizens
First National
I've worked with all of those and are good at different times. With commercial/local banks the policies change with the times so it's good to maintain a good relationship with all of them because the types of loans/risk the banks will take on varies fairly often based on how diverse their own loan portfolio is, their exposure to you, and the market conditions nationally and locally.