Agency financing location of partners question

[Joshua Schoer]

Hi All,

I've come across a potential deal in Daytona Beach for a value add apartment that looks pretty good after doing the first underwriting pass. My problem is that I'm located about an hour and a half north in Ponte Vedra and I've been told for agency financing they want one of the partners to be local to the property. Is that always true and if so am I close enough to be considered local?

If not, are there any multifamily investors in Daytona Beach that might be interested in partnering?

Thanks

Josh