Creative Director · Issaquah, WA · Member since 2014 · 38 posts · 4 votes
I'm ashamed to say I haven't been as active on the site lately. It's time for me to get back in. I'm learning and doing as much research possible on portfolio lenders in northern utah. I just purchased a condo with a partner that doesn't qualify for conventional financing due to HOA restrictions / issues. I'm hoping to find local utah portfolio lenders and get more advice on portfolio lending in Utah (northern utah specifically). Any leads?
Investor / Licensed Real Estate Agent · Provo, UT · Member since 2015 · 43 posts · 22 votes
11y
I know of two in Utah, I've actually had a loan from Washington Federal. At the time they required a 25% down payment and the interest rate was higher than normal.
Creative Director · Issaquah, WA · Member since 2014 · 38 posts · 4 votes
11y
@Tim Mellor Thx for the reply! I'll check out both of those banks, I hadn't talked to them yet!
@Christal Bowlby There were 2 HOA restrictions that we ran into I believe. #1 - Too many of the units are being used as rentals in the HOA community. #2 - Too many people are past due / late on their HOA fee's in the community.
Creative Director · Issaquah, WA · Member since 2014 · 38 posts · 4 votes
11y
@Tyler Williams Still working on it but so far these are the two options I've found...
Lewiston State Bank & Goldenwest commercial loan department. I haven't had a chance to do a lot more talking with people but these are 2 good ones to add to your list.
@Ty Burns - It looks like you guys will be able to connect and help each other out.. I was able to finance my condo through goldenwest out of ogden... They were good to work with and we setup the condo on a 10 year commercial loan, which has worked well for us so far.. It did require the 25% down payment.. Quite a few lenders i work with will accept under 20% down payment but your rates are going to be a lot worse, so if you can I'd recommend paying the 25% down & if you have to finance the other 20% consider doing a HELOC on your primary residence or alternative option..
Creative Director · Issaquah, WA · Member since 2014 · 38 posts · 4 votes
8y
@Michael S. - No pre payment penalty. Honestly, I wasn't sure what you meant by "non recourse" so I had to look that up... I'm not sure whether or not the loan is "non recourse" and haven't ever evaluated or considered that while commercial loan shopping.