Investor friendly banks in Maine?

Question

Hello!

I was just wondering if anyone knew or the best investor friendly banks in Maine?

Thank you,

Shelby

Garret Getch · Answer

It’s been my experience that it all depends on your particular situation as well as what kind of loan you’re going after. I have 5 different lenders that I would call depending on the deal and if I’m able to put money down or not. So what’s your situation?

Cody DeLong · Answer

I love Camden National Bank personally.  They do commercial at 20% down and I recently purchased at 4.75% on a 5/1.

Eric Mcginn · Answer

Call all the local credit unions and tell them where you're looking, they'll tell you whether they service the area and roughly what the terms would be.

Nicholas Herold · Answer

I've had good conversations with Bangor Savings and Biddeford Savings. I have good experience with Jason Straetz at Gorham Savings.

I've also had not-so-good conversations at Norway Savings.

Tyler Bushey · Answer

Bangor savings is very good, 20% down on commercial properties, and 2-4 units.  Most other places are 25%+ Their appraisals come back high too!

Shelby Guilford · Answer

Thank you!

Ed Emmons · Answer

First National Bank and Mathias Savings  are both  investor friendly.

Elliot B. · Answer

@Shelby Guilford I can connect you with the mortgage broker that I used to buy my 4-unit that I owner-occupy. DM me

Shelby Guilford · Answer

The ones I have looked at so far are only 4 units. I wanted to start out small.

Dan Weber · Answer

If the building has more than 4 units, regardless of whether you live there or not, you will likely have to put down 20% as your down-payment.

Investor friendly banks in Maine?

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