Looking for Portfolio Lender in or around Tacoma, WA

[Michael Slusher]

Hello All,

I am having a tough time finding/choosing a portfolio lender in Tacoma, WA or surrounding areas. I currently bank with Harborstone Credit Union and I found they do keep some of their home loans in house but not all. I was wondering if I should continue to bank with them or move accounts to another lender. I would really like to start purchasing from Foreclosure auction and need a lender with little to no seasoning and willing to loan 70%-80% of ARV using BRRRR strategy.

Background:  I flipped 10+ properties prior to the 2008/2009 meltdown and I had several rentals properties.  I am now back on my feet and want to start buying rentals mostly in the Puget Sound area and want to establish a relationship with a local Portfolio lender.

Any direction would be greatly appreciated.

Thanks,

Mike

[Albert Bui]

HI MIchael,

There are plenty of portfolio lenders in the area from timberland bank, commencement, banner, columbia, kitsap bank, sound banking co in lakewood, sound community bank, and many others.

However, if youre looking for auction lending then you're either looking for hard money like east side funding, veristone, rain city capital, etc or you can obtain HELOC's and LOC's against your current portfolio and use cheaper bank money to draw/pay "cash," for your auction properties.

The banks and most loan officers know how to get you the money but the local banker often doesnt know how to use debt to make money or make money from money. They depend on you to do that and do it responsibly and pay them back. 

The good thing about a lender who actively invests is that "we," understand the mindset of the investor from taxes, cash flow, short vs long term cap gains, and how to maximize your balance sheet/cashflow.