Closing Costs with Portfolio Financing

[Ryan G.]

Can someone assist me with this question? If I use portfolio financing, what are the closing costs associated with that? Also, are there any unforeseen downsides to using this method? Thanks!

Property is a Single Family Home with multi family potential in Tucson Arizona.

[Andrea Weule]

I haven't found the closing costs to be any higher than with a traditional loan and I have several portfolio loans.  It usually includes the filing fees, taxes, insurance, loan origination, appraisal, etc.  I'd say @Patrick Allen is correct, it's about 3%.

The only down side to a portfolio loan is the interest rate may be a bit higher.  However, I love them just the same as they don't show up on my credit report and it allows my the flexibility to buy more properties with financing than I could traditionally.  

Best of Success!