Can anyone suggest a lender in FL. Presently have 4 properties that are financed and my local brokers / lenders are saying, no out of state, and that I have reached my 4 limit. :banghead I need a portfolio lender in FL I guess Any help would greatly be appreciated. :help
Thanks in advance
PAHouseHunter
PA HouseHunter
What kind of properties are you looking for funding on…
What rates are you prepared to pay?..Portfolio lenders are falling in between banks and HML’s…
What is your exit strategy on these loans or are you looking for long term paper…?..
What is the price range of these homes?
What % of the BUY price are you prepared to contribute of your own funds…?
What % portion of the deal are looking to get funded?
rookieNYC
Targeting multi-family 2-4 units
Rates / terms would like 8% or less, 20- 30 yr term, buy and hold
Price range 60-140k
Looking to put 20% down
PAHouseHunter
Sounds like a good plan…Im sorry but I can’t help you but I can refer you to someone in Florida who may be able to…If you are interested please IM me…
What is a portfolio lender?
Hi,
A portfolio lender makes loans to investors who wish to hold a property for a term and rent / lease out to tenants. Normally these lenders charge more than conventional financing but less than hard money lenders.
A typical term might be 2 to 5 years with an interest rate between 8 and 12% with normally a few points in the deal and most will loan 70 to 75% of FMV. They will do money for both purchase money and for refinances.
Most will do amortized loans as 30 year terms due as a balloon in 2 to 5 years.
GR