Commercial Loan steps

[Joseph Garner]

Hi guys,

It’s been awhile since I’ve been on the BP app. Being said that I’ve been busy educating myself, and acquiring a couple duplexes.

In the past month or so I’ve been really interested in the multi family outlook (just like everyone else). I’ve been going over deals every day to better understand (for the most point) what is/isn’t worth pursuing.

A really good deal came up, when acquiring on it I was told it already had 2 offers on it. I unfortunately didn’t have finances in place to possibly put in an offer/back up offer. The owner of the company I work for has agreed if on a good deal, he will back me with up to $250k for a certain amount of time. Some of the deals I would be able to pay out right for cash.

Long shorty short, I’m looking for where I need to go, call, do so I can get a commercial loan, so I can pay back the $250k loan. I am doing my business in Indiana, so does it have to be state specific? Can any one point me in the right direction?

[Curtis Rouse Jr]

@Joseph Garner

I know this isn't the sexiest answer, but when I first got started looking for commercial lenders, I basically googled all the credit unions/banks in my state and called each and went down the list until I found one who first would lend on the type of real estate I was buying, second offered competitive terms/rates and finally I had an initial good vibe with for a long term relationship. I eventually found one a couple months later, but I enjoyed the process because I learned a lot of bank requirements and what was needed on my end to make their job easier.

Another great idea would be to go to your local REIA and ask around to see who other investors in the MFR space are using on their deals.

I hope this helps and Best of Luck! God bless