Portfolio Lenders in Central Florida

[Robert Kirkley]

Hello everyone,

I am doing some research on potential portfolio lenders in the Central Florida area and was wondering if anyone would recommend one?  My goal is to start a buy and hold portfolio, preferably with a house-hack in a small multifamily first.  I know it is important to have the relationship built with a lender before I find a deal, so any advice on searching for one would be greatly appreciated!

[Kerry Baird]

@Lance Holt

There are bunches! I called every single bank in Melbourne. Yes, I did.

I asked what kinds of loans they did, what they didn’t do, how many loans I could get through that lender, how soon after purchase or renovating I could refinance, loan to value (so I can put down smaller amounts and save my money for renovations and holding costs). How little I could put down, how much closing costs are...just talk with them.

Call and make yourself a cheat sheet with this information. Give them a verbal on your credit score from myFICO, don’t let them pull your credit, and see what they can do. It gets easier to talk with them after a few.  My notes get stale, so I do it all again with my preferred lenders when I’m ready to pull the trigger again. Interest rates go up and down, fees change, etc. 
Also, when lenders have a sign out front saying, we pay for CDs or checking accounts, they want new deposits in and don’t make so many loans. When they advertise low rates on mortgages, they have money to lend. Watch for this as you drive around.

Lastly, credit unions don't have to play by the same rules as banks. They can be more flexible. Launch, CCUFL, Space Coast FCU, etc.