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How do I find a list of portfolio lenders in the Bay Area of Northern California?

  • August 30 2012 - San Ramon
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Answers (6)

Profile picture for Hannah Tai Homes
Since he posted two years ago, most likely he's found someone!
  • September 21 2014
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Depending on what type of Portfolio loan you are looking for in the Bay Area  I would specifically refine your search to the specific problem you are having.

For instance...

If you are having issues finding a loan because your debt to income ratios are too high you can go to Google and search for something like "bay area high debt to income loans"

Or if you are in need of a lender that does 90% loan to value search for "bay area loans 90% loan to value"

May I ask you what your main issue is?

Why do you require portfolio private money and what city in the CA Bay Area are you looking to finance property?

Let me know and I will do my best to get you a specific answer.

Based on your specific scenario of having a DTI that is too high with 20% down I work with several banks that would consider this scenario the way you describe it.

I have close relationships with Account Managers with several Portfolio lenders here in the East Bay Area.

I hope this helps.

- Jason Wheeler
  • September 21 2014
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Profile picture for user0232308
I would suggest Union Bank of California.  They are a portfolio lender in Nor Cal.
  • September 03 2012
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Profile picture for CA Direct Lending
I do believe you are on the right path in looking for a portfolio lender and thank you for taking the time to explain all this!

What is your DTI right now?  If you're in the 50%-ish range, it is possible for us to get an exception.  

And how much cash reserves will you have after the down payment?  You can count 70% of retirement and investment accounts.  Whatever this amount is can go a long way in helping the exception to DTI get approved. 

I mentioned us first since as far as DTI is concerned, I don't know of any portfolio lenders with liberal guidelines for DTI.  I have heard FHA has liberal DTI guidelines and hopefully an FHA expert will chime in.  I've also sent your scenario to an FHA expert who works in my office.  

If I can think of anything else, I'll let you know and get right back to you!
  • August 30 2012
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Profile picture for user5849578
My specific situation is a little complex, but basically I'm trying to purchase a home that I'm currently renting for many years. The purchase price is $560k, I'm putting 20% down, or $112k, leaving a loan balance of $448k.  Our credit is strong with FICOs ranging from 739-780. I have a very steady 8+ year job that pays $138k PLUS annually.  We have zero revolving balances, even though 2 Visa cards that we use for every day expenses show small balances each month on the bureau, they are paid off each month in full.  Regardless, they both report small $20 monthly payments, but I'm running up so tight to the DTI percentages that this $40 really does make a difference.  But I gigress as that's not the real issue; which is that we also own 2 small sole proprietor businesses that we opened in 2009 and 2011 respectively.  In both of those years, we have large deductions associated with the start-up of the respective business.  For example, in 2011, we had $137k in deductions, resulting in an adj gross income on our tax returns of only $29k.  As a result, these big deductions cause our blended income average to be so artificially low that we're having a hard time meeting the Fannie Mae DTI ratios.
Oh yeah, I forgot to mention that I filed separate schedule C's for each of our small businesses in 2011, so that anyone who spreads the numbers properly will see that the 2009 business is healthy and profitable....and the only reason the 2011 business doesn't show profitable is because it wasn't opened until September of that year, so there wasn't enough operational income to offset all of the start-up costs.  As of this moment, neither business has ANY long term debt, as all start-up costs have been completely paid off and each business is operationally profitable each month!
So my thought is that I need to find a portfolio lender that has the ability and common sense to step away from these strict blended income averaging and DTI ratio guidelines and understand that we are solid people with a great job, good down payment and more than enough income to handle the debt service associated with a much higher payment than this little measly $448k mortgage results in!
Am I on the right path seeking a portfolio lender and if so, where would I find one?  Thanks!
  • August 30 2012
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Profile picture for CA Direct Lending
I have no idea how you would find a list.  One way I can think of approaching this is for you to share your scenario and then I and others can suggest lenders based on your need. 
  • August 30 2012
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