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Updated over 7 years ago,
Seeking help with financing small balance out of state offices
I have a solid off-market deal tied up for 4 office spaces in South Carolina (I live in CA). The market macros look good (I have been tracking for a while), the property at current price would yield 40-70k in immediate equity and there are long term tenants in place. Unfortunately, it appears I am in a weird middle ground for financing.
The loan value (~250-300k) is too small for most national lenders, but the regional/community folks do not love me being out of state. I am open to moving money to the lending institution, taking my mail at a PO box in state, or other ways to incent the lender. I am sure that I am not the first person to run into this, so I figured I should ask the experts on BP first... Any advice for how I can make the deal happen?
Thanks in Advance!!