Commercial Lenders in Pennsylvania

[Scott Garber]

I have used the same bank to purchase 3 SFR and 2 duplexes which are cash flowing very nicely. I came across a deal on a 6 apartment property which originally was $349,000, reduce to $299,000, and the owner agreed to sell it to me for $199,000. He’s an 83 year old gentleman who’s owned the property for 50 years and due to his age he has neglected deferred maintenance the last couple of years, and has not raised rents to fair market value. I thought the bank I was using would jump at this, as it cash flows and has the potential to cash flow even more once I raise the rents and decrease the water bill. My options are these: 1) look for a commercial lender in PA that might take this on. 2) get a partner to go in all cash, bring it up to par, and refinance later. 3) hard money loan. I have assets, multiple properties, multiple businesses, and a pretty strong balance sheet. With the stock market down considerably I don’t want to sell to cover this property but have enough cash for the down payment. My credit is over 800, so that’s not an issue. Do you have any creative ideas, lending contacts, or know a private lender who might be interested? Thanks