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Updated over 6 years ago,

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1
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1
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Joseph B.
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Commercial RE - Finding a Lender or Commercial Property First?

Joseph B.
Posted

I'm trying to purchase my first commercial multifamily property and I realize that the loan process is quite different than the loan process for residential properties. I have read over and over again that the first step in this search is to start talking to lenders and building those relationships. However, I'm not even sure what state I will purchase the property in which is always the first question that a lender asks. 

1. Should I be reaching out to real estate agents first and once I have a property in mind, then try to see if they have a lender that they recommend? 

2. Any recommendations on a website that I can use to get a good idea on whether I'll be approved for a property or not? 

3. When searching for a lender, will I have to pay just to get an idea of what their rates/terms will be given my circumstances? If so, is it similar to the costs of getting pre approved for a residential mortgage or is it much more? 

4. Finally, is it best to get a lender in the state of the property or in my home state (CA)? 

Thank you all. 

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