Portfolio Loans on Residential Rentals?

[Mark S.]

Real estate friend of mine said his local credit union is offering him a portfolio loan in the mid 3s on his residential property on 30-year fixed loan terms (not just 30-year amortization, loan term of 30-year fixed).  Sounds almost too good to be true to me.  He, his lender, and the properties are all in the same state (Indiana).

I’m wondering if there are any lenders who can do that for me.  I’m in Kentucky and properties are in Tennessee.  5 single family rentals currently on 30-year fixed conventional loans.  I’d be interested in hearing if anyone else is familiar with this.  I’d always thought portfolio loans were either for commercial property or if for residential, had “worse” terms (shorter loan term, higher rate, etc.)