Portfolio loans and post Fanny single asset loans WA and TN

[Jackson Long]

Hey folks,

I made some posts on this subject a bit ago and got some great contacts.  But haven't yet found the ideal product for us so I thought, now that I know a bit more about what I am talking about, I would make a new post.

We are investors from the Seattle (Tacoma), Washington area and expanding to the Memphis TN area.  A combination of being out of state (although I will be relocating to Memphis to stabilize the properties), being out of Fanny slots, being 99% cash flow focused (looking for 25-30 amortization not 15), and dealing with asset prices from 40-60k make this pretty difficult.

I spoke with a lady at a local bank in Memphis yesterday and she suggested something I hadn't thought of.  She said it would be easier to find a local bank here in WA to lend out of area than to find a local bank in Memphis willing to lend to people out of state.  Any thoughts on this or suggestions?

Currently we are dealing with single and portfolios of SFRs- but are interested in apartments as well.

Thanks all,

J