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Updated almost 10 years ago,
What happens when my portfolio lender says, "No more loans."
I've been working with a regional bank for about a year and half. I have one property on a 30-year fixed with Fannie Mae. Then I've done three more properties on portfolio loans with the branch president of this regional bank over the last 9 months. He said he would do two more and then we wants to wait six months to a year for the portfolio loans to "season" before doing more.
I finally have my systems in place and would like to acquire 6-8 more properties this year, but this is putting a hitch in the plan. Can I just shop around for other portfolio lenders and have them do 4 or 5 for me? I hate to split my business/ loyalty. Should I just slow down and wait six months to a year? That's probably not going to happen.
Any wisdom and insight in this area?
Mike