Approved for a loan. Let's see if any lenders here can beat this rate!

[Martin Yip Toll So]

Hey guys,

I'm an out of country investor (let alone out of state)  from Canada. I've gotten approval from a US bank by using my Canadian credit history- RBC Georgia NA  (a subsidiary from RBC Bank Canada).

The loan terms are:

-25% down

-7.625% interest rate 

-7/6 ARM

-30 year loan term

I was wondering if any lenders out here on BP are willing to play game and see if they can beat this rate.  However, there are 2 conditions I require

- I'd be limited to a DSCR loan since I don't have credit history in the USA yet.

- I don't need a 7/6. A 5/1 ARM or lower is fine by me.

- Minimum loan amount of 100k is fine. (props to you if you can lend 75k or less)

Lets see what you guys got!

Thanks,

Martin

[Stuart Udis]

@Martin Yip Toll So You are making a mistake treating your debt relationships as strictly transactions. You are going to turn off a lot of lenders with your post because you are clearly going to shop every term sheet that's turned over to you with a focus exclusively terms with no regard for the servicing, loan administration and most importantly what that loan officer can offer you in the future. This is one of the biggest mistakes I observe.

While terms are important, take the time to get to know what each banker has to offer, their capacity and how they can help you grow. Bankers move around, rates increase and decrease, market conditions change, but these personal relationships can remain a constant throughout your career and will be critical to your success. 

I continue to work with a number of loan officers who issued me my initial loans 12 years ago. The two primary banks I worked with no longer exist  and all of my original banking relationships have moved onto different banks/lending institutions. In fact, I just originated a loan with a loan officer at the 4th bank in which we've originated loans together & now originate $8M loans with bankers who originated $80K loans for me when I started. These relationships, if cultivated properly, will allow your borrowing to outpace your balance sheet. The earlier you recognize this, the better off you will be in the long run