Anyone dealt with New Penn Financial?

Question

I'm looking to buy some more rental properties.  I could probably buy 2 with cash, but I'd prefer to leverage my money and buy at least 4 more using financing.  However, that will put me above the 4 loans that most lenders will finance.

I saw on another BP thread that someone suggested checking out New Penn Financial since - according to their website - they have a real estate investor loan program which allows you to finance up to 20 properties.

Basically, I'm just wondering if anyone has ever used them or heard anything about them (good or bad)?

Steve K · Answer

Used them for a refi on my personal house.  Totally painless process.  Will definitely use again.

Chris M. · Answer

I am dealing with them now. Got the pre-approval for a quadplex and will be doing the walkthrough when I get back from a business trip this week. They have been more than excellent and supposedly have a 100% record of closing loans that they take through underwriting.

My realtor of 5 years swears by them. I'll update this thread as the loan goes through process.

Will N. · Answer

We just used the S Florida branch when we purchased our new house.  They were great.

I can't speak specifically to the REI program however but I'd also be very interested to hear from anyone who has.

I do know that the SF branch at least doesn't do commercial loans.

Mehran K. · Answer

Kyle J. and Chris M. Did either of you end up working with them? Their REI program seems good. I'm going to contact them tomorrow.

Any info would help!

Chris M. · Answer

They come highly recommended (at least the SFL branch) from my realtor. I just reached out today and spoke to the manager of the regional branch, came away impressed.

Am filling out an app with them and will see how it goes. I'm trying to secure funding on top of a 1031 I'm working on currently.