While many of them underwrite the investment as the first priority, credit still comes into play (which could affect down payment, interest rate, and points).Ya that idea that HML are basically solely collateral based that thought process left the barn in the GFC.. most HML will underwrite as tough as a bank.. what they do though is speed and will do properties that are in need of a lot of repairs or going to be flips.. where banks by and large simply don't do rehab loans at all or if they do only for their very top tier clients as a value add and based on substantial deposit relationships.there has been a race to the bottom though since the banks left the rehab lending market years ago and that led to the rise of what we see now very large well capitalized  HML whose rates are just a bit higher than bank rates .. its also regional CA has the lowest rates in the country.. 

I’m been told by some lenders local and regional that 5+ units is 5.5-6%.

The houses are currently all in a 5/1 ARM product and are located in the Washington DC region; all townhomes.

Highest percentage of bids with competition identified to be Richmond VA by redfin last month nationally. 80% of sales.one third from out of town with most from DC region. https://www.marketwatch.com/st...

Looking for a regional, drivable market that I could maximize to ultimately scale.  

I would try and reach out to regional or local lenders in the area.

Also, properties in midwest/southern regions have great cash flow, appreciation and lower price points than the California area.  

I have built a great relationship over the years with a Regional bank who is more than willing to work with us, so this is the route of least resistance we are pursuing.

With property values rising or already peaking in many regions, I would like to kick off a marketing campaign to directly market to motivated sellers.

Looking to meet more investors local to the Buffalo/Niagara region!