My tenants pay directly to a pre-designated bank account at our local credit union. 

I used the local credit union to finance it.  

Most brokers go to Spring EQ or Figure, but i'm sure there are some more aggressive banks or credit unions out there, or perhaps an 'online' bank.

In my experience, the best rates and terms for home equity products are from credit unions.

Are local credit unions more flexible on these criteria?

Hi everyone,I'm considering purchasing a single family home property in Union City, NJ, and would appreciate your insights on a plan I'm thinking about.

In my experience, there are plenty of small banks/credit unions that are cool with student rentals as long as they're all on one lease.

Utilizing their favorable financing relationships to then secure a ~$1M loan from a local credit union.

• Purchased directly from a mom-and-pop operator off-market• Secured $1M credit union loan and raised $500K equity to close• Existing owner had inflated expenses and below market rents• In-place rents approximately 30% under market at purchase• Expense ratio at least 10% above the norm How did you find this deal and how did you negotiate it?

If you have trouble finding a lender, look to local community banks and credit unions.