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Updated over 4 years ago on . Most recent reply
How to get a commercial loan post covid.
I am looking to purchase an 8plex but I cannot find a lender to do a commercial loan. I live in California and am investing in IL. I have tried local banks as well as Wells/Chase/etc but cannot find anyone that will lend to me right now.
Thoughts?
Thanks!
Justin
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#2 Land & New Construction Contributor
- Developer
- Charlottesville, VA
Originally posted by @Justin Harlan:
I am looking to purchase an 8plex but I cannot find a lender to do a commercial loan. I live in California and am investing in IL. I have tried local banks as well as Wells/Chase/etc but cannot find anyone that will lend to me right now.
Thoughts?
Thanks!
Justin
We are no where near post Covid. We are still in the thick of it. Depending on price point there are agency lenders that do small balance Lyons starting at 750 K otherwise you will have to qualify with a local or regional lender. Find out why they will not do the loan and make sure you have supplied all the proper information and have the financial ability to qualify