1 Lender, 2 Lenders or More?

[G&G]

We have recently purchased our 2nd investment property and worked with a broker to look at what were the most suitable investment loans. We ended up going with an alternate bank to our current investment property loan. I would like to understand from other forum members when arranging finance do you tend to stick with one lender or spread you loans across several? In the past I have felt really on top of all the details of our loan, the banks terms and conditions etc but find working with 2 lenders challenging at times.
Thank you for sharing your thoughts and experiences.
G&G

 

[Rolf Latham]

Hiya G&G

Wokring wth one good lender is ok up to a point.

A time will come where they no longer loke you and then you coould have some fun times if the thing hasnt been set up the right way (that is for your benefit rather than the bank)

ta

rolf

 

[geoffw]

I'm with Rolf.

I had a very good relationship with NAB. I had my house plus 3 IPs with them. Lat last one (the flock of bats) they bent over backwards to get me the loan, which did not qualify for LMI.

But-
1. They changed some of their rules (especially xcoll- enforced- and reval period- min 12 months).
2. They seem to get very nervous over a certain amount (I have about $1.1M with them).

That's what's proved difficult now- there's been a very big time lag to refinance.

 

[Qld's007]

As a Company we have purchased and wrapped 151 properties of which over 130 have been with the same major Bank.

Have tried 2 other lenders for the others and the level of service is nothing compared to the original lender.

Rolf is correct stick with one until you feel enough is enough but never get left without an alternative.