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Updated about 9 years ago on . Most recent reply

User Stats

20
Posts
5
Votes
Brandon Nelson
  • Real Estate Broker
  • Bellingham, WA
5
Votes |
20
Posts

Commercial Loans from out-of-state for a better rate?

Brandon Nelson
  • Real Estate Broker
  • Bellingham, WA
Posted

Hey BP. I got pretty far along in escrow on an office I was trying to buy, with an SBA 7A through Wells Fargo in my home state of Washington. Then I learned that if I'd started the process in California instead, I could've gotten about .75% better rate. The WA lender wouldn't match it. I terminated the contract (for other reasons) but have circled back around and I'm trying to buy the same space again. Now, Wells Fargo won't let me switch to a California lender -- so they can avoid internal friction. And again, the local lender won't match the better rate. Irritating. So I'm looking for a different lender with those more attractive rates. Rather than assume I'll find the best rate in California, I thought I'd reach out here first and maybe save myself some time. Two questions: 

1) Will out-of-state lenders loan on a WA state purchase? 

2) Where am I likely to find the best rate, with at least "really good" service? 

Thanks!

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