Finding Funds Frenzy-Mortgage Broker, Mortgage Banker, Credit Union, Small bank or Portfolio Lender

[Nye Eddings]

Morning BP!

Every first time investor reads up on the best entity to approach when trying to find financing.   Should one approach their big commercial bank that they've been banking with for years? Or that local small community bank near the area in which they want to invest? I've even heard people become members of credit unions and use them as their direct source of financing for their RE business. How were your experiences with brokers verses the mortgage bank?

Who was your first source of financing and how has that changed as you expanded your RE business? I am interested to see which financial institutions are more beneficial to small start up RE investors vs the large RE investors. 

Thank you in advanced for your feedback and time :)

Nyala

[David T.]

Nyala, as a new Investor having found a great deal, my advice to you would be to work with a private money or the softest possible loan you can get. Of all the types of loans you can get, a hard money loan is probably the most efficient way to fund deals, but it is also the most unforgiving of all the lenders out there if you make any mistakes. 

Best of luck with your deals!