Investor Friendly Banks

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Does anyone know of any investor friendly banks that do mortgages in Mississippi?

[Warren Helmer]

Origin Bank in Madison and Ridgeland do portfolio loans. They have the standard rules...showing that the rental made money for 2 years, your history, etc. They may do a portfolio loan after one full year based on an incredible credit score, and if your debt to income ratio isn't horrible. I do not work for them, so I am not representing them.

You can also ask the banks if they do construction loans. If they do, then they are more likely to deal friendlier with your investment properties. But you will need to have a history or they won't really talk to you. Meaning they will not call you back, and avoid you when you repeatedly call them. This is just personal experience and opinion.

If you are investing in the dreaded yazoo clay belt (South of Pearl to north of Madison), it is difficult to use banks that are not from this area. I am in the middle of jumping through hoops because I am using a bank on the coast for an investment property in Brandon. I have/had a great history with them until now. They don't understand that a house that is 9 inches higher on one side is a very common thing here, and they are demanding a soil report, a safety report from a structural engineer, and some type of chemical something-or-another report. All cost me money, and all are slowing things down. I have since talked to a lot of local investors, who all laughed at my predicament, and then told me that local banks won't make me do that next time. So I have established a relationship with Origin, and will use them for my next buy and hold. When I went there, they took a lot of time to explain a lot to me. I hope this helps with your success.