Getting a 2nd Portfolio Loan: Go with New Lender or Same Lender?

[Aaron Smith]

Hi, I am trying to get some input here on what I should do.  I have 1 commercial/portfolio loan with a local bank that has 3 properties on it.  Total loan was for $300,000 and it was started in May 2016.  The terms are 15-year amortization with a 5-year call at 5%.  Of course, I will refinance the remaining balance in 5 years for another 15-year amortization, probably at a higher rate than 5%.

Either way, this bank knows I have about 4 free and clear properties I am ready to portfolio into another loan and they are open to doing another one with me.  However, there is another local bank that does portfolio loans as well and I could go with them.  I believe there terms are similar but also have an option to just give you a line of credit in place secured with all 4 of the unencumbered properties as collateral.  They said the line would need to roll, meaning it could be used to acquire and renovate properties; and then once they are leased, rolled into permanent financing.

So, is is wiser for my to spread my loans out with multiple banks in case something happens again like in 2008 and risk possibly having a loan actually called due or become exclusive with this one bank that I already have a portfolio loan with.  Are there pros and cons I am not thinking of?  Thanks!