I am looking for some investor friendly banks or lenders in California. Not hard money. This would be for conventional loans, not hard money loans. Anyone know any that are making loans to investors in today’s market with little hassle?
Keep in mind that conventional loans will have limitations such as seasoning and # of properties financed.
Do you mean banks that have portfolio/commercial loans? These would be for those with over 4 financed proeprties.
Well, I am just trying to get started getting financing for properties so the over 4 financed properties wouldn’t be an issue right now. I hear it’s better to deal with local lenders or credit unions does these mean local within the state or within the city of where you are trying to purchase?
Then you should be able to use any bank, mortgage broker, or invesment loan specialist to accomplish your goals. As long as what you’re trying to do fits within conventional guidelines.
What exactly is your business model?
I just need to go through the process of being preapproved…The area I was looking in the values are lower than what some banks want to lend. I am looking to rent for rental income. It’s amazing that prices are at the point where they are under $50,000 in California in certain areas.
I called a couple of places and it looked like they are looking for 20-25% down.
Have you tried smaller, local banks? They are often more willing to do smaller loan amounts than the larger institutions.
When people speak of local banks, they’re usually referring to small banks that may have another branch or two across town, but you’re not going to find them 3 states away from you. For pre-approval, be prepared and go in there with your last three years of tax returns, current pay stub or bank deposits, personal financial statements for you and your spouse (if applicable). Most banks will have their own financial statement they’ll want you to fill out anyway, but if you have your current balances and payments already printed out it will be helpful. It would also be good to take in a print-out of a listing you’re currently considering. It gives them an idea of what type of property interests you. Later you can take in your portfolio when you’ve acquired some properties. What you’re finding for down payments seems to match what we’ve been seeing as well. We just contacted all our banks here last week. Some are not lending for NOO at all. Others want about 25-30% down.