Out of state lending

[Casey Crotty]

Hello all,

I'm looking for some advice, ideas, heck I'll take general brainstorming at this point from the BP community.  Here's the deal:

I'm a real estate investor in New Mexico.  I'm also a CEO for a small healthcare company.  Real estate in NM is rather pricey, all things considered.  I have a brother out in IN where real estate is about 1/3 the price it is here, and there are PLENTY of opportunities, so I decided to start investing out there.  Here's the positives:

• I have someone on site who can and is willing to manage properties.
• I have money for down payments, outstanding credit, experience, and a plan to purchase properties roughly once every 4 months (depending on various factors, of course).
• I have a target area, target investment type (2-4 unit properties), and target investment amounts.
• I have a realtor who sees the vision and is willing to work with me.
• I'm more than happy to establish an LLC in the state.

You've probably figured out what I'm missing: a lender who I can develop a relationship with, understands the vision, and doesn't mind doing out of state lending.  Here are some of the other issues:

• The market prices are relatively low, which means the "conventional" lenders won't lend since the net loan is very low.
• Credit unions are happy to lend on investment properties, so long as I "live, work or worship in the counties served".

Unfortunately I'm used to "conventional" means of financing, so at this stage I'm asking for help, ideas, and assistance to get my plan going.  Many thanks in advance!

Casey