Need advice about a lender

[Rodolfo Veloso]

Hi,

I spoke to a lender about a home loan for a primary residence. This will be my second loan. I currently live on a property I bought last 2022. I am doing medium term rentals (MTR) with 2 tenants at the moment. The lender told me I have to provide lease agreements with at least 12months minimum of stay. I told him I do MTR and tenants only stay 3-4mos. He said it’s their requirement. I might just drop the application. I like the lender because I can do 5%dp and my current loan is with them. Any advice? 

[Tony Pellettieri]

Quote from @Rodolfo Veloso:

Hi,

I spoke to a lender about a home loan for a primary residence. This will be my second loan. I currently live on a property I bought last 2022. I am doing medium term rentals (MTR) with 2 tenants at the moment. The lender told me I have to provide lease agreements with at least 12months minimum of stay. I told him I do MTR and tenants only stay 3-4mos. He said it’s their requirement. I might just drop the application. I like the lender because I can do 5%dp and my current loan is with them. Any advice? 

 Private lenders have much more flexibility than Conventional Lenders. I would reach out to, and I’m sure you’ll get quite a few responses from on this post, other private lenders. Each company has different guide lines. There are few regulations and each lender is able to operate how they choose. Depending on your relationship with a lender, they can move heaven and earth to get you funding same or next day. The more business you do with a lender the more they will do to help you and keep your business with them.