Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 7 years ago on . Most recent reply

User Stats

82
Posts
7
Votes
Mark Neiger
  • Investor
  • Port Saint Lucie, FL
7
Votes |
82
Posts

pre approval commercial lending

Mark Neiger
  • Investor
  • Port Saint Lucie, FL
Posted

So I've been looking at properties and I'm ready to start shopping for lenders. Any advice on who or where to look. Should I just Google commercial lenders, call the big guys (BOA, Wells Fargo, etc.) or go to my local bank? Any insight?

MODERATOR:  ADVICE ONLY.  NO ADVERTISING IN THIS THREAD.

Most Popular Reply

User Stats

517
Posts
400
Votes
Chris Simmons
  • Real Estate Agent
  • Owasso, OK
400
Votes |
517
Posts
Chris Simmons
  • Real Estate Agent
  • Owasso, OK
Replied

Net worth is nice.  your dad could be another guarantor in addition to yourself.

The weakness with your dad and many others that own real estate or business is liquidity or lack there of.

Let's say your dad guaranties a loan that gets in trouble.  I will call him up, sometimes before I direct counsel to file suit...sometimes after.  I would advise him that I accelerated the note and that the full balance was due.  Ideally, he would say fine, I will pay the full balance tomorrow because I have that much money in the bank.

If he is not liquid and has a private business with accounts receivable...a viable, but non liquid asset, or real estate....he will say I can't pay anything now, but I can try and sell my $500,000 property....but the market is weak so maybe i will only get $300,000.  I won't wait.  I want it now.

If the bank has to foreclose, it will get even less.  

So....liquidity is key.  Cash is king.  Always have some liquidity.  $2,000,000 in real estate with $12,000 in the bank is not good.  

Another thing.....mentions are nice.  Votes are better.

Loading replies...