Does anyone know a portfolio lender in Northampton County. I have a couple properties in Bethlehem and am looking to get more information of portfolio lenders.
Try Merchants or Embassy
Thanks @Mark Gallagher for the help I will give them a call this afternoon. Have you ever used them before what kind of terms are they offering.
I don't use them personally but generally they'll do 75% LTV and the rates are low.
QNB Bank as well...I recently pulled money out of a few rentals through them. They were easy to work with although they do have a sort of probationary period where you have to get everything approved with them. Kind of annoying, but not sure if this is typical or not until the relationship is built. Good luck!
@Rich Vogel I wanted to check in with you and see how your experience was with Merchants or Embassy. I am in the process of looking for a portfolio lender as well. Thanks for any info!
@John D. I am still in the process of getting a portfolio loan with merchants. I work with a guy named Jim he has been very helpful with the process and he is actually touring the houses on friday so we are close to the end of the process. If you do decide to get a portfolio loan I can give you some tips that I learned along the way.
That would be outstanding @Rich Vogel. Did you shop around to Embassy or QNB? Just curious what swayed your decision to go with Merchants vs others. I will be going the portfolio route as there seem to be too many restrictions and red tape in trying to go through larger banks. Any help is appreciated.
@John D. i had such a hard time getting someone from embassy to get back to me. I did not try qnb if you have success with them please let me know. I did try a credit union on freemansburg ave but didn't like there rates. With the help of the BP community I put a package together for the portfolio lender and he said that he was really impressed by it. When you are going to meet with one PM me and I will let what I put in the binder.
Hi @Rich Vogel ! I'm curious to hear how your experience was with Merchants? I had been talking with them last fall when I was working to put together a deal on a Mobile Home Park in Northern Northampton county and I was working with Jim as well. They were very helpful and very willing to work with me (the deal ultimately fell through, but it was due to legal issues the owner had) but I didn't get to actually work with them beyond the initial discussions and pre-approval.