Looking at refinancing mortgage on a 24-plex in Montana

[Mark Mosch]

Having a hard time getting big lenders to look at this because Great Falls Montana is so small demographically. I last refi'ed this in 2010 but since then we've driven up NOI by 20% and there should be a substantial amount of equity in there. Anyone know any banks that might be doing cash out lending in some of these smaller metro areas?

[Michael Seeker]

Check with the local banks...big banks don't do much with smaller commercial properties.  That's the sweet spot where the local banks come into play.  I usually shop loans around to around 8-10 different commercial lenders at local banks that I already have relationships/loans with.  I may only find one or two interested in the loan.  You've got to build some relationships or pay for a broker that has already established them.  Cash-out is harder to find, but more and more banks in my area are opening up to it.