QUESTION: I went to my normal lender and was told they cannot do loans outside of my state? How do I find a lender?December 1, 2018
QUESTION: I have a property that is on 63 acres and I am having trouble find a good mortgage program?December 1, 2018
Once you get above $1,000,000 in loan amount you may have to put more down. Loans over $2,000,000 are highly specialized and the number of investors shrink substantially once you go above $2M and get even smaller when you go to $3M. Normally a medium/larger bank will have access to, or have a portfolio loan that can meet the needs of borrowers who are at or over a $2,000,000 loan amount. Underwriting will be more strict any time you get above $1,000,000 so be prepared.
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