Finding Portfolio Lenders

[Tyler Joseph Reeves]

We are looking to buy and hold SFR in the Charlotte, North Carolina area. Does anyone have any tips on finding a good portfolio lender?

Thank You,

-Tyler

[Eddie Werner]

Talk to local banks/credit unions or attend your local REI meeting to find out.

[Tyler Joseph Reeves]

Thank you Mr. Werner, that is a good start

[Kyle J.]

Fortunately there's really no secret to finding them. Either attend a local REI meeting like Eddie suggested and ask other local investors, or just call around to different banks/credit unions and ask them. When I was looking for one, I just called around. Took about 15-20 minutes of my time, but other than that it wasn't too difficult.

[Robert Sepulveda]

May I ask what is the reason you are looking specifically for portfolio loans?

There are investor products most banks provide under their normal lending parameters.

The portfolios usually fill the niche where the normal bank products fail. Such as:

Seasoning for Short sales, foreclosures, bk, etc

Income and credit exceptions

Numbers of financed properties they allow

If you don't need any of the above, any major bank or cu will help. Otherwise, just about all the portfolio loans are available nationwide and cover investment property purchases. So getting one in NC is no problem as long as your loan amount is not $50k.

[Tyler Joseph Reeves]

Robert Sepulveda,

The number of financed properties they allow is the main reason why we are looking for portfolio lenders. We own SFR locally and are looking to expand out of state. For the properties we are looking at, even at a higher interest rate, we would be able to have a good debt service ratio.

[Robert Sepulveda]

I see. That's common. There are portfolios for that reason that will only take into consideration the income and debt of the subject property. You can do that up to 10 times typically. After that, you'll be looking at commercial pool loans (which aren't desirable at all) or private money.

You can sometimes to 10 loans with 1 portfolio and 10 loans with another, etc. depending on who you use.

[Andy DeFruscio]

I have a mortgage broker who can do just about anything. He has different investors and a bunch of different products and options. His name is Brandon Colberg with Element Funding. 704-999-6646 Tell him I referred you.

[Tyler Joseph Reeves]

Thank you very much Andy.  I will be sure to call him

[Ricardo S.]

Originally posted by @Andy DeFruscio:

I have a mortgage broker who can do just about anything. He has different investors and a bunch of different products and options. His name is Brandon Colberg with Element Funding. 704-999-6646 Tell him I referred you.

 I might give him a call too

[Justin F.]

I use community one