Lenders for out of state multifamily investors

[Jonathan Farber]

I am pursuing a 16 unit property in Kentucky. Other than speaking with a mortgage broker, almost all the local lenders (commercial) mentioned they would have a hard time servicing a loan of this type to an out of state investor.

I was a little confused as I see people mention on here regularly that they buy MF in different states.

Any work around here or recommended lenders?

[Kent Ritter]

@Jonathan Farber create a credibility presentation for the bank/any investor. Think of it as a visual resume.

As part of it, highlight:

Your Team - you, property manager, attorney, accountant, advisory board, etc.

Experience - business and RE if you have it. The less experience you have the more you want to show you are surrounding yourself with people that have it and fill in your gaps. Speak in terms of “We” the collective group. “We have Done X projects like this” “We have raised X capital”. Make sense?

Portfolio - if you have it, show the projects you’ve done and the metrics on their returns. Until you

Business Plan - what are you going to do and why does it make sense? Break it down into simple to understand steps to show a process. Also, why is now the right time to do this?

Example deal - if you haven’t done it before and don’t have a real deal, then show an example deal that represents what you will be doing.