Local lender or national lender?

[Nat Love]

What are the benefits of going with a local mortgage lender than with a national lender? (I’m looking to do a cash out ReFi for a down payment on a house to house hack)

[Michael Diossa]

Building a relationship with a local lender can certainly have its advantages, such as potentially getting better lending terms and having a more personal connection with the lender.

For multifamily properties, it's important to work with lenders who have experience in commercial lending and are familiar with the unique aspects of this type of investment. Local lenders can often provide this expertise and knowledge, and as you mentioned, the credit committee may consist of individuals who have a better understanding of the local market.

For smaller investment properties, like 1-4 unit properties, working with a local bank that also lends on investment properties and houses to "hack" (i.e. properties that can be purchased, renovated, and then sold or rented out for a profit) can be a good option. As with larger properties, local lenders may be more familiar with the local market and able to provide better terms and advice.