I want the benefit of your opinions

Private Lending & Conventional Mortgage Advice
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I want the benefit of your opinions

John R KeplerPro Member
Member since 2022 · 25 posts · 19 votes

Is there an advantage of building a relationship with a lender in terms of better rates and service as you grow a prove yourself? Or is it just a numbers game so you might as well shop every deal for the best rates? Looking for answers based on experience.

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Dave Skow
Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
4y

@John R Kepler- building relationships  with all parties involved  is  crucial ...this doesnt mean you have to use them all the time  but its  valuable to work  with colleagues that  are  familar with one another 

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  • Jarrod Kohl
    Boston, MA · Member since 2017 · 209 posts · 126 votes
    4y

    I think its great to have a good relationship with a lender or motg broker. Just make sure you don't mistake a long history at a big-medium bank as a relationship. Any large bank will all be the same. The nice thing about smaller lenders or banks is that they can do unique loans much easier whereas someone from BOA or Rocket, would not even be allowed to look at the deal.

    1Reply
  • John R KeplerPro Member
    OP
    Member since 2022 · 25 posts · 19 votes
    4y

    Thanks Jarrod, that rings true for me. Do you have any smaller lenders you could point me toward? There is an overwhelming number of lenders out there. We are just ramping up and our deals are often in the low one hundreds  and under after down payment.

    0Reply
  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    4y
    Quote from @John R Kepler:

    Is there an advantage of building a relationship with a lender in terms of better rates and service as you grow a prove yourself? Or is it just a numbers game so you might as well shop every deal for the best rates? Looking for answers based on experience.

     I think it is always helpful. I have a great relationship with @Chris Wharton, he has been able to answer any question I have and fast. 

    2Reply
  • Jeremy Kitchen
    Investor · Rathdrum, ID · Member since 2021 · 47 posts · 42 votes
    4y

    Hey, John!

    I know working in Hard Money, we LOVE relationships with good borrowers.  The more an entity or individual lends with us, the easier it is to vet them for future deals.  If they have record of keeping their word, paying on time, and using us consistently, we can absolutely give them better rates/terms

    I don't know if that's true with conventional financing, but I definitely keep a good relationship with a few and it doesn't seem to hurt

    1Reply
  • Dave Skow
    Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
    4y

    @John R Kepler- building relationships  with all parties involved  is  crucial ...this doesnt mean you have to use them all the time  but its  valuable to work  with colleagues that  are  familar with one another 

    3Reply
  • Chris WhartonBusiness Member
    Lender · Columbus, OH · Member since 2020 · 85 posts · 73 votes
    4y

    @John R Kepler let me know if you'd have time to connect for a quick chat.

    [email protected]614-638-9531
    0Reply
  • Issac San Miguel
    Lender · Austin Texas · Member since 2022 · 319 posts · 156 votes
    4y

    There is huge value in creating a loyal lender/borrower relationship.  

    1Reply
  • Account Closed
    Lender · CA · Member since 2022 · 48 posts · 23 votes
    4y

    Although I believe you can always look around for the best rates, building a relationship with a lender benefits you in multiple ways.. Faster closings (documents already in system), better rates (trust is built, experience is documented), and negotiation rights (we trust you, we know you're good for your money so we are willing to give you more leverage than a new comer)

    Hope this helps!

    1Reply
  • Matt Bishop
    Rental Property Investor · Dallas, TX · Member since 2020 · 161 posts · 88 votes
    4y

    @John R Kepler, once you find the right one, stick with them. Keep your personal information and financial information up to date with them so they can get to work for you as soon as you call them with your next deal. Build personal relationships with the top professionals in Real Estate sales, Property management, financial services, legal services, maintenance, leasing, staging, lawn care...

    If you are doing flips, standardize on everything you can, materials, and vendors. Really trustworthy professionals are rare and are valuable assets to your business. Treat them well so they will call you first when they see an opportunity for you. Your success in any business is determined by your ability to find and build mutually beneficial relationships with top professionals.

    1Reply
  • Bobby FeinmanBusiness Member
    Lender · VA Beach, VA · Member since 2019 · 928 posts · 93 votes
    4y

    John R Kepler

    The short answer is YES. There are many lending options out there. Unfortunately, not all of the options are positive lol. I was an investor for 25 years before becoming a lender so I can speak from experience. Developing a long term relationship with my lender(s) was much more beneficial for me than shopping everyone's rate all the time. That loyalty was infinitely more valuable to me than the small amount of money I may have saved by shopping consistently. I place a lot more value on service and availability.

    Find a lender that is available to you 7 days a week if necessary. This is a very fast paced, constantly changing environment and there will be many times where you need to get something done outside of normal business hours. The cheapest guy in town most likely not give you what you need from a service standpoint. Hope that helps!

    Bobby

    [email protected]757-222-5937
    1Reply
  • John R KeplerPro Member
    OP
    Member since 2022 · 25 posts · 19 votes
    4y

    Hey Bobby thanks for the advice. I have been on the phone with Kevin. There is some kind of glitch in the ap software but he has figured out a work around. He is a go getter but I would expect nothing less from a fellow Marine. Yeah I 'm a jarhead.

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    4y

    @John R Kepler business growth always requires streamlining and delegating. 

    Yes, you can spend HOURS looking for the best rates/points for each loan you want.

    Or you can develop a realationship with a lender, perhaps give up a little bit on rates/points, but gain way more of your time back.

    All boils down to how much your time is worth?

    [email protected]248-209-6824
    Logical Property Management4.9459 Reviews
    WebsiteView Page
    1Reply
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