looking for a local bank in Salt Lake City, Utah

looking for a local bank in Salt Lake City, Utah

Investor · Salt Lake City, UT · Member since 2015 · 32 posts · 15 votes

I am looking to jump in to real estate investing here in my local market of Salt Lake City.  I have recently paid off all my loans and cards and have an outstanding credit score.  I work full time and make a fairly decent wage, recently obtained my real estate sales agent license, and just started my own company doing what I do for a living on the side (electrical contractor).  All of this in anticipation of fueling my investment career.

My problem...  Major Lack of capital hahaha.  I spent all of everything I had on getting out of debt and obtaining all my education and licenses. 

My solution... (or working theory) I currently own 2 single family rental properties that are both sitting around 80% LTV. I am thinking that I can possibly take out HELOC on both properties to leverage my way in to and fund rehab on a quick flip or three. With the end goal of using the capital raised from said flips to land in a house hacking multi-family scenario before end of 2016.

Does anybody know a good investor friendly local bank in Utah???

Is this line of thinking even reasonable and attainable?

I don't have a large sphere of influence yet so I am thinking private money may be out of the question for the near future. I am not afraid of HML given the right scenarios of course and will definitely use it if need be, but I would like to establish a working relationship with a bank so any info on that area would be much appreciated. Or any other advice on how I can get off the ground and running for that matter :)

Thank you for your help BP!!!

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  • Real Estate Agent · Highland, UT · Member since 2015 · 407 posts · 272 votes
    10y

    I wouldn't call them investor friendly but the only lender I know of that would do a HELOC for more than 80% of the value is Mountain America Credit Union will do a 90% loan to value. On the flip side they have an investor loan that will loan 90% of the purchase price to non owner financing. My favorite loan office is Brett Valinga.

  • Real Estate Agent · Millcreek, UT · Member since 2015 · 64 posts · 22 votes
    10y

    I've spoken with a few lenders and would highly recommend speaking with Jason Vonk of guaranteedrate.com. Jason is Investor friendly. Good luck. I'll send you his contact information in a private message.

  • Attorney / Investor · Salt Lake City, UT · Member since 2015 · 228 posts · 198 votes
    10y

    Start by attending the local REIAs. There are a number of them and they are really well run. There's Salt Lake REIA, Utah REIA, Utah Valley REIA and Norther Utah REIA.. Google them and start attending as much as you can. Very inexpensive education and great networking opportunities. You'll meet other investors, loan officers, bank representatives and plenty of other real estate professionals to help out and answer questions.

    Also remember, there is a lot you can do with little or no money. And private money is an option as well. Leverage is great, but can be a two edged sword. Education is first step! Come join us!

    Jeff

  • Investor · Salt Lake City, UT · Member since 2015 · 32 posts · 15 votes
    10y

    Thank you everyone I'll look in to these.  @Jeffrey S. Breglio I have already scheduled to attend the January slreia meeting. I have also tried to schedule an appointment to meet with you at your office about some things I need your assistance with via your website.  I have not received a response yet and plan on calling sometime next week to see if we can meet. 

  • Montgomery, AL · Member since 2015 · 109 posts · 11 votes
    10y

    Mountain America Credit Union is the best bank . It's a credit union perched just on the edge of crazy downtown proper, so if you're headed into SLC and need to grab some cash, it's easy to do on the way in.

  • Real Estate Broker · Windsor, CT · Member since 2015 · 1k+ posts · 268 votes
    10y

    @Curtis Fergus you posed a great question I have a client who is in a similar situation, I will definitely be sending him to look at these posts on Bp

  • Investor · Eagle, ID · Member since 2014 · 82 posts · 75 votes
    10y

    Hi Curtis,  I have has success with University of Utah credit union.  They are small and friendly.  Certainly worth looking into. Good luck in 2016! Martin Carstens

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