Looking for local banker in Jackson Mississippi area

[Carl Mcknight]

Hello, I am an investor from California and am looking for a reference to a local banker who deals with out of state investors for SFR or Multi props in the Jackson Mississippi area. Some of the questions I would like to ask the banker: What are the LTV's your bank works with? Rate and terms on investment loans? Do you do commercial loans? If so, rates/terms? Combined loan totals for multiple SFR's? I pay cash for property, what's the seasoning period before I can do a cash out refi with your bank? If anyone has used a local bank in Jackson Mississippi that they recommend for investors, please let me know, I would greatly appreciate it. Thank you, Carl

[Susan Maneck]

Hi Carl, 

I would suggest that despite all the bad press that Wells Fargo has had lately that you consider working with them. I live in Mississippi but I have ties in California as well and Wells Fargo is one of the few banks that does business with both. It is also one of the few banks that will give you a first place HELOC on rental properties. Usually what I do is pay cash for a property, then a year later get a HELOC for a new property. You can get a HELOC sooner but if you do it is based on 70% of the purchase prize rather than the appraised value. Because rental property is so cheap in Mississippi it doesn't make sense to get a regular mortgage due to the high closing costs. With a HELOC you just pay for the appraisal. Also, in late summer and early fall they usually offer a teaser rate for year that brings the interest rate down to about 2% for a year. What I do is use my credit cards to pay off the HELOC when the teaser rate expires. Then I call them and ask if they have another special offer. I then use that money to pay off my credit cards. Right now the highest interest I pay on anything I own is 4.5% and that was originally for my primary residence. My son works with Trustmark for his rental properties and that is a local bank but he buys in more expensive neighborhoods and leverages his property with standard mortgages.

warmest, Susan