Community Banks or Other Sources
Good Afternoon!
I am looking for a community bank or other institution that that provides mortgages or loans. I often hear about banks that will do things like provide a portfolio loan or line of credit based on your equity across more than one property, lend under terms more like business loans for rehabs/brrrs, etc. I haven't been able to locate one however. If you do this kind of lending in southern Cook (Chicagoland) or Will county Illinois, please let me know. If you have worked with these sorts of institutions, and have recommendations or advice to share, I would love to hear more. Everything I've found is more like dscr or hard money related.
Thank you in advance for your help!
Dave
Most Popular Reply
@Dave Kush I had good luck working with small local banks for many years in VT, where you got to know the loan officer and they knew the property you were looking to get a loan on.
Commercial lending department, and yes, I was able to get a blanket portfolio loan across a few properties and it was classified as a business loan secured by real estate. Also products like purchase + rehab financing that simply converted to a regular mortgage when complete (no need to refinance after the rehab, and no paying a second set of closing costs).
A good tip was to have the rental income deposited with the same bank, so when applying for the next loan, they already had the numbers which really streamlined the process.
Good luck for the search in your area and hopefully you can find something!