Last week I spoke about why Portfolio Lenders are important to investors, but the bigger question may be how to find them.
Tracking down a financing source is never an easy task. Many individuals have no idea where to start so they usually talk to there personal bank first. While the likes of Wells Fargo, Chase, Bank of America and more are large institution’s and have mortgage services, they generally are not competitive or creative when it comes to investment properties.
So how do you find a local or regional portfolio lender/bank?
The yellow pages cant help you. If you called every local bank the employees might not even know the meaning of portfolio lending and you could spend a better part of your day trying to get help. For those in need of help there are a couple of solutions.
The first one is networking. If you want to become an investor you must join them. Find local clubs and associations that support and host networking events for investors. These events will give you a chance to find out how others are finding outside the box financing solutions.
The second one is your sales team. If your sales team consists of a Realtor, ask for a referral. If you are working with a wholesaler, they could have a name, number or source for your needs.
An other good option is a mortgage broker. Then whole concept for a mortgage broker is to seek out financing options. There are many mortgage broker that are tremendously successful, not because they have the lowest rates and fees, but because they understand how to carve out a niche and network between several banks, sometimes 100’s of them, to find the financing solution that an investor may need.
A recap: To find the next best Portfolio Lender you need to network. Talk to Realtors, wholesalers, mortgage brokers and even other investors.