Bay Area Portfolio Lenders

[William Yeh]

Hey BP. My group is engaged in residential rentals under an LLC and we've been struggling to find portfolio lenders in the Bay Area California with reasonable terms. We've come across a few lenders that have quoted in the mid to high 5% range and another at 4.75% but with 40% down which also kills any cash flow on a deal.

Appreciate any guidance you can provide!

[Kam T.]

A few portfolio lenders (with local presence/representation) I've found that have good programs:

• First Republic Bank: can get to low 4s for strong borrowers. 70 LTV max for investment. No issues lending in an LLC. I've had great experience with them. They just get it done without hassle.
• JMAC: has some interesting non-qm programs (check out their Newport product; a very detailed program overview is on their website). They're wholesale only so you'll need a broker to access. Will go to 80%+ LTV on investment, but you'll pay a big premium for it on points and rate going over 75 LTV.
• California bank and trust: 70 LTV max without an exception. Rates in mid - low 4s recently. Max loan amount of $1 mil for their portfolio product.
• Fremont Bank: have a portfolio product as well. 

Happy to make intros if you need them.