Real Estate Investor · Atlanta, GA · Member since 2011 · 41 posts · 5 votes
I was referred to a local who could help Georgia investors - basically I was asking for ways to leverage 4 rental houses (paid in cash) to further my purchasing power (cash out refi, portfolio loan, etc).
Needless to say, he didn't have much to offer, but wondering if any others have found ways around this.
Here is what he had to say:
"Unfortunately, due to recent government structuring of income guidelines for Loan Originators/Mortgage Companies/Banks I am unable to offer any help or solutions. In the past I had access to several portfolio lenders who offered blanket loans for situations like yours but now I only have a couple portfolio lenders and they only do owner occupied loans. I am not sure who would be best to recommend you to but a retail Wells Fargo rep maybe a good start. Wish I had options to offer as I never like telling someone I can not do their loan(s)."
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
15y
This one guy has two lenders who will do portfolio loans but only for OO properties. OK, add those two names to your "no" list. Don't give up. Get a list of banks in your area and start calling. The FDIC Institution Directory can be helpful. Find smaller banks in your area, especially ones that show real estate loans on their books. Make some calls. Most won't be interested. A few will. Go meet with the lending officer for those few and discuss your business plans and personal situation.
Real Estate Investor · Atlanta, GA · Member since 2011 · 41 posts · 5 votes
15y
Jon, thanks for the response, I have a list and will keep calling, just didnt know if I missed any news/big changes while I was asleep last night. I will make a novel out of my No list :)
JScott - This would be wonderful information to have, sending you a PM now.
Real Estate Broker · Mount Olive, IL · Member since 2013 · 1k+ posts · 310 votes
12y
@Andrea F. Find a portfolio lender in your area. That is your best solution as current Fannie Mae guidelines are very strict. You could only finance 10 properties in total and after 4 financed properties, lenders require a lot of stuff to lend for the 5th property and so on.