Liar Liar Alliterative Lender Pants on Fire

[Jackson Long]

Okay so... I am writing this from a place of great frustration.  Hoping for advice or strategies or maybe just hugs.

So when things went wrong with my lender last month the story was "we changed the product parameters and forgot to tell you oops sorry you might lose your deals" and I set about finding an alternative.

Then a good real estate buddy went off on a tangent to me about how brokers always lie and you need to get anything in writing because they will say anything to get the loan.  Now I have more faith in the world than that (but not by a lot) and I waved it off.

Now we had eight of our Fannie loans and are trying to find someone who will partner with us as we grow our portfolio.  I can get those two houses financed anywhere (sort of) that is easy (sort of).  But I want to give that business to someone we are building a relationship with.  I am big into relationships.  

Spoke with a lender about a week and a half ago.  Says they fund their own loans.  They can go over 10.  They try to limit each borrow to about 1.5m (which is perfect for us).  There was a piece of dialog that literally went like this "do you fund your own loans?" "yes we do" "so you can do whatever the hell you want!" "yes pretty much" "sold!"

So we start going and for some reason he wants to start with two.  I guess- maybe the process on those is slightly different I think.  So we go and get stuff moving and then I bring up moving forward because we have a lot of stuff on our plate RIGHT NOW and he says "oh I am not sure if we do loans beyond the 10..." Then he takes about a day and a half and says they don't.  WTF people.  My situation is nowhere near unique!  Why is this a problem?

Anyway, I guess I just want general thoughts.  Also, as far as I know, these people are not on BP so its not like I am starting a fight or anything.  I am particularly interested in the thoughts of our broker members.