Local Banks - No Long Term Loans

[Jake S Mckinney]

Some context:

My primary strategy is small multi-family. My secondary strategy is that I'm starting a wholesale business to fuel some long-term SFR rentals. I'm looking to buy about 15-20 SFR in the next couple years.

What I’m looking for:

Revolving Line of Credit that can be easily rolled into long term perm mortgages.

What I’m getting offered:

.25-1% + prime for the RLOC

.25-1.5% + prime fixed for 5 years balloon or float - amoritized for 20 yrs

I’ve got great credit, assets for collateral, and I’m fairly liquid. I can’t find any local portfolio lenders willing to do a perm loan for longer than 5 yrs fixed. I’ve talked to 5 banks so far. I’m wondering if I should look at mortgage brokers or some larger national banks. Where is the long term debt?

Thanks.