Updated about 9 years ago on . Most recent reply
Portfolio lender in raleigh nc
I have a couple rental properties and i want to start branching out into multifamily and rehabs. I have a great credit score and a decent savings but I'm having a hard time finding a lender that wants to do what i want. I'm currently preapproved with wells Fargo but they do not want to do the properties I'm intersted in. Can anyone recommend a lender near raleigh nc? Thanks!
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Unless you are in their wealth management program, WF only originates loans. They don't service SFR (1-4 family), just originate and sell the note via FNMA/Freddie underwriting. They don't service MF either that I am aware of, so you'll have to explicitly ask them if they originate loans under Fannie Mae's multifamily loan program. When you say "preapproved with wells Fargo", then immediately after, say "they do not want to do the properties I'm intersted in..." what does that mean? They aren't interested in originating the loan? Probably best to verify they are only interested in owner occupied loans if you sense lack of interest.