Home Buying in 19121>Question Details

Leigh Corcor…,  in Philadelphia, PA

can some one recommend a reputable money lender,i am investing in long term rentals in temple.?

Asked by Leigh Corcoran, Philadelphia, PA Wed Jan 6, 2010

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these days i have to recommend the direct lenders like the national banks. for years i endorsed ONLY loan brokers but have seen them get their programs pulled again and again by the lenders they correspond with.

if you were in california i'd suggest Bank of America or Wells or Metlife homeloans so figure out who the big guys are thereabouts and get in front of one. they will determine if the programs they have are suitable for your business plan.

i am NOT dissing all brokers but the reality of the new market is that they have so little juice anymore that they cannot be relied on. not because they are disreputable or unreliable but because they get their loan programs pulled and changed so often by the investors.

i am doing the same thing, investing in long term rentals, i think it's the best way to set yourself up financially. everyone should have a few. the great part is that the rents are finally covering expenses and then some. it's not hard to find a great cash flow rental...the hard part is getting it financed.

if you would could you report back on your progress...this is an important topic and it would be great to hear of your success or torture.
0 votes Thank Flag Link Wed Jan 6, 2010
Hi....I'm a Senior Loan Officer with Citizens Bank.

Send me a email at irvin.brockington@citizensbank.com.

0 votes Thank Flag Link Mon Feb 8, 2010
Hi Leigh. Lately, the best success seems to be coming from local banks. The local banks are still lending.
Try Hyperion Bank, Frank. You can contact me off-line for additional information.

Robert Greenblatt
Keller Williams
Cherry Hill, NJ
0 votes Thank Flag Link Thu Jan 7, 2010
Hi Leigh,

Patrick Lopez our in-house lender may be able to assist you 267-88-6010. And I'd look into 3rd Federal Bank. They have been able to offer our Borkerage and our clients many opportunities where other banks and lenders have not.
0 votes Thank Flag Link Thu Jan 7, 2010
Please contact me for a list of reputable lenders for commercial or residential Investing. I also have contacts with some banks that can still do construction financing for the right project. 215-668-8899
0 votes Thank Flag Link Wed Jan 6, 2010
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