Hi NEPA'ers. Do you have any recommended lenders in the area that you use for investment properties? I'd like to call / visit the local branches, but wanted to see if anyone had any recommendations before I started through a general list. Preferably looking for a conventional residential mortgage for a 3-4 unit property. Any advice or direction would be appreciated.
Do you want to get a Fannie/Freddie Loan? Or a portfolio loan? In either event, I'll be happy to give you some referrals if you shoot me a PM. Good luck!
Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.
Thanks, Chris! My understanding is that for a residential non-owner occupied investment property, I'll need more of a conventional loan, so no fannie/freddie I'm thinking. Please correct me if i'm wrong though.
I'll shoot you a PM and I appreciate the others who already have!
@Christopher O'Brien Conventional = Fannie/Freddie. The question to ask is, are you going to hold title in your name or LLC?
Just wanted to provide an update to this, as I thought it would be helpful for long-distance investors considering Scranton. I would consider myself a financeable person (strong credit score, appropriate income/capital) and found my results interesting & surprising.
After contacting nearly a dozen lenders, I found that most of the "local" small regional banks were either unwilling to provide financing to someone with a non-local address or did not have an investment property loan program at all (or at least one they were willing to talk to me about). This was even true for one local bank that I've been with since I was a child.
On the flip side, the large regional banks ($100Bn+ assets) that happen to have a few branches in the area have been very supportive and provided inclinations that we should be able to make something work. It sounds like they have their conventional driven set of rules to follow, and as long as I (and the property) check all the boxes, they could care less where the property is. Hopefully this saves someone time in the future.
@Rigo V. Luzerne Bank is a investor friendly bank
I’ve been using Luzerne Bank for years and they’ve always done a good job. I work with Brian Burd.