Portfolio lenders - for owner occupants only? (Georgia)

Portfolio lenders - for owner occupants only? (Georgia)

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)."

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  • 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.

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  • J ScottPro Member
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    Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
    15y

    I have a bank in the Atlanta area that does portfolio loans and will cash you out up to 75%. Shoot me a PM and I'll give you a contact over there...

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  • 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.

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  • Real Estate Investor · GA · Member since 2009 · 41 posts · 1 vote
    14y

    J Scott,

    Can you PM bank info as well? Similar situation, more units.
    Thanks - Sam

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  • 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.

    Hope it helps.

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  • Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
    12y

    Note that the OP asked the question in mid 2011. The lending environment us considerably better now.

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