Portfolio Loans for Single Family Rentals

[Niti Jamdar]

Hi All,

Thanks for making Bigger Pockets a wonderful community where I learn something new every day!  I was hoping to get some advice about portfolio lending for single family rentals.  To give you a quick background, I'm a working professional with a W2 income, investing in single family rentals in the Philadelphia area.  I have 6 rental properties (profitable) and all of them have been 30-year fixed mortgages.  As I'm getting close to the 10 loan limit (I have 7 loans including my primary residence), I'm hoping to expand my portfolio in the next 2-3 years, and therefore trying to figure out what my options are for obtaining loans beyond the stipulated limit of 10 loans.  

I have heard the local credit unions may be willing to provide portfolio loans.  I have a few questions: 

• Based on your experience, are credit unions my best option?  Are there any other sources that I could tap?
• And if so, how do I go about approaching these credit unions?  Do I need to share some sort of P&L to show them that all my properties are profitable?  
• Do you have any tips of how to get the best loan terms and interest rates from the credit unions?  
• Does anyone recommend a particular credit union in Philadelphia?  Any advice would be super helpful.

Thanks in advance for your help!

Niti