Are there any Lenders who understand Real Estate?

What’s going on? This is the perfect time to buy REO’s and I can’t get anybody to tell me where I can find a lender who will cash out on two rental’s that I own free and clear, so I can buy more. Do I need to stop wasting my time looking for a lender who will loan to an investor that’s never forclosed, filed bankruptcy, or missed a mortgage payment.

Do you have a property in mind to purchase? I approached my small local bank about buying the property next door and they were willing to lend on my existing property and the new one–a blanket loan.

You’ve got to go in person to those banks. You can’t just make phone calls. You want to start a banking relationship with that bank, and that means face-to-face.

Furnishedowner

Furnished is right- banks have this new philosophy of “relationship banking”- they don’t just want to be a one-and-done transactional funder, they want to develop ongoing relationships with their customers, including bring your deposit accounts to them. go in and meet with the banker face-to-face, make them feel good and secure about you as a person and it will go a long way…

I totally agree with Jake. I think the most you should get into on the phone is to ask the banker if their bank is currently lending on investment properties. Note - If you have an LLC (or other entity), you should ask specifically if they’ll lend to an entity. You may have to personally guarantee the loan, but some banks are not lending to entities even with the personal guarantee.
The other thing you need to do is organize your financials and put all applicable information in a binder. Put a little showmanship into this. We have the color MLS listings with pictures of all our properties. We also list date of purchase and the purchase amount on those pages. The binder also contains the last three years of personal and business tax returns, P&L statements, articles of organization for the LLC, and other things like that. This will go a long way to show the banker you’re serious, organized, and ready to expand.