Investor friendly banks/CUs in East Texas?
Good afternoon everyone, like the title says, I was curious if anyone had recommendations for investor friendly banks or credit unions around Longview Texas. I would really appreciate it, thanks in advance!
I havent found one yet that could beat aimloan.com unless you are going commercial.
Go to your local banks. Create a relationship with them. Relationships are everything. Credit unions are good too. A quick google search would lead me to Community bank first.
Hey Jay, I'm in Longview and would love to connect with you. Welcome to Texas!
Thanks! Got your request, look forward to meeting you and learning more about this fine community!
Originally posted by @Jay Shuler:Good afternoon everyone, like the title says, I was curious if anyone had recommendations for investor friendly banks or credit unions around Longview Texas. I would really appreciate it, thanks in advance!
Jay, have you tried ETPCU? Check them out.
Jay, have you tried ETPCU? Check them out.
Thanks! We have one right down the street in Hallsville. I'll go in and chat with them.
@Jay Shuler
Hi jay,
I haven’t used etpcu yet but plan to. They will finance a rehab project with 10% down of the acquisition cost and finance all rehab work as long as you have 20% equity when the rehab is complete. 5% on a 5/1 over 20 years.
Welcome to east Texas!!
Originally posted by @Nick Dunin:@Jay Shuler
Hi jay,
I haven’t used etpcu yet but plan to. They will finance a rehab project with 10% down of the acquisition cost and finance all rehab work as long as you have 20% equity when the rehab is complete. 5% on a 5/1 over 20 years.
Welcome to east Texas!!
Thanks Nick! That’s exactly the kind of info I’m looking for.
@Jay Shuler
Last March I was having trouble finding a commercial lender willing to do a cash out refinance on a BRRRR. All the big banks were not lending. No luck with BoA, Wells Fargo or etc. Finally I made a list of 20 smaller regional banks and CU and started calling. I found two; Vera Bank and CBTX. I was able to close with CBTX. 80%, 4.25% 15yr.
Originally posted by @Pete Harper:@Jay Shuler
Last March I was having trouble finding a commercial lender willing to do a cash out refinance on a BRRRR. All the big banks were not lending. No luck with BoA, Wells Fargo or etc. Finally I made a list of 20 smaller regional banks and CU and started calling. I found two; Vera Bank and CBTX. I was able to close with CBTX. 80%, 4.25% 15yr.
Thanks @Pete Harper! That's super helpful. I'll do some research on Vera and CBTX. Really appreciate the ideas.
Originally posted by @Nick Dunin:@Jay Shuler
Hi jay,
I haven’t used etpcu yet but plan to. They will finance a rehab project with 10% down of the acquisition cost and finance all rehab work as long as you have 20% equity when the rehab is complete. 5% on a 5/1 over 20 years.
Welcome to east Texas!!
Yes, love ETPCU. They have been my bank for 25 years but I haven't financed any investment property yet as most of my stuff is out of state. But they beat everyone I have ever put them up against on other loans like mortgage,car and other. GMAC credit was offering "great" terms on a truck down in south Texas and I just called them and they said no way. We got you covered and made it happen so fast the salesman didnt know what hit him.
Best bank I know for long term relations.
Now, if I could just find something local to buy.
Quote from @Jay Shuler:Hey Jay, hopefully you're able to source a good bank for your REI.
Originally posted by @Nick Dunin:@Jay Shuler
Hi jay,
I haven’t used etpcu yet but plan to. They will finance a rehab project with 10% down of the acquisition cost and finance all rehab work as long as you have 20% equity when the rehab is complete. 5% on a 5/1 over 20 years.
Welcome to east Texas!!
Thanks Nick! That’s exactly the kind of info I’m looking for.
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