Real Estate Broker · Bellingham, WA · Member since 2012 · 20 posts · 5 votes
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?
Vendor · Denver, CO · Member since 2015 · 63 posts · 20 votes
10y
I have seen different WF offices offer different rates and but they will avoid cannibalized deals already in the works. For SBA 7a lending you need a source that has Preferred status with the SBA which makes the process much easier. There are a number of national preferred lenders that I have worked with that can generally be as competitive as what WF offers.
Message me and with some more details I can get you some referrals.