Financing in Denver>Question Details

Real Estate…, Home Buyer in Denver, CO

Looking for the best lender on investment properties.

Asked by Real Estate Investor, Denver, CO Sat Jun 22, 2013

Hi, I am looking to buy several downtown Denver condos with the purpose of renting them out, and am looking for the right lender to finance the purchases.
I have recently used a lender for my last purchase which provides a floating rate loan at Libor 1.6%, (so about 2% all in right now) and floating. The only issue is that they only lend on condos with the rental concentration less than 40%, which has been difficult to find in downtown Denver.

If you are a lender/mortgage broker that knows of a similar floating rate mortgage product, or ARM, that does not have such strict renter concentration limits, please reply with a **detailed description of your mortgage product and indicative pricing** as I would love to work together on my next purchase.

My credit score is above 700.

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I am a broker of mortgage brokers, so I work with several mortgage brokers that all have several loan products that can work. Visit our website or email me randall@thelendersnetwork.com

Randall Yates
CEO
The Lenders Network
0 votes Thank Flag Link Sat Sep 28, 2013
We do have lending products that allow you to have up to 10 investment properties. Most lenders are limited to 4 investment properties. The challenge with any condo is that 5 years ago the slate was wiped clean of all condos that had previously been approved for lending. If the association isn't approved, a condo questionaire has to be completed by the association. The association has to supply a budget and adequate reserves. In addition to the basic insurance, the association has to have Fidelty Bond insurance. The Fidelity bond insurance requirement is rarely known by the association. The lender has to be good enough to know what is going to be required based on the # of units and the association dues required monthly. I have been 100% successful at getting the association to increase the FBINS to meet lender needs. It's difficult to quote a price. Pricing changes all day long. It's best to have a phone conversation for the purposes of discovery. Go to my website at https://lo.primelending.com/dolson Denise Olson
0 votes Thank Flag Link Fri Sep 27, 2013
Most lenders are glad to help on investment properties. We will gladly go up to 80% on a purchase. feel free to contact me if you need help!
0 votes Thank Flag Link Mon Jun 24, 2013
Finding the best lender for Investment Property acquisition depends upon what type of
property you need to finance. Is it Multi Family (Apartment Buildings); Industrial (Warehouses);
Retail (Shopette or Shopping Centers); Office Buildings or Single Family and/or DuPlex;
Tri-Plex properties? I would recommend Essex Financial for the former and you should contact
Wells Fargo for smaller and more Residential type properties.

Call us for more direction.

Sincerely,

Stim Kennedy
Broker, CRS, ABR, NCE, SEC
stimson KENNEDY Realtors
Cell: 303 478-9494
0 votes Thank Flag Link Mon Jun 24, 2013
Try Revolution Bank of Boulder they were a lender on a flip condo that I had and made it happen, it was an owner occupied though.
0 votes Thank Flag Link Sat Jun 22, 2013
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