@Devin Rapp You can get some ok investment loans from Mountain America CU. They will do 10% down, 2.5% origination fee and 1-4 units. I have not taken one of those loans out but I have a friend that has. I think you can only get two of those.
The good thing about smaller community banks is that they keep loans in house and dont certain strict rules to abide by like a loan broker.
I think America First CU is now trying to do an investment loan. I dont know the detail but here is the link. https://www.americafirst.com/loans/home-equity-loa...
My husband and I have done one 10% down investment loan with MACU. Good experience, plan a little longer escrow. Just seemed a little slower. I would plan 45 days. I’ve also just talked with Wells Fargo, and they have an investment loan but only for single family homes. It’s 15% down. That may not be as helpf for you if your wanting to do multi units, but just a thought.
@Account Closed I work with local Lender in Salt Lake City that could possible point you in to the right direction. Feel free to PM me if you wish.
In regard to MFR, What sort of Cap rates and COC are you looking for in Provo?
Thanks, everyone for your help. We're actually looking for 20% so we will seek out those credit unions or maybe just keep with Mortgage Lender. Hadar, seems like 6% cap is where most is at. We're hoping to find something off market if possible so also looking to speak with local agents that know the MFR market better. My wife is an agent but she and her network has mostly dealt with single family residentials.
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