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Updated over 1 year ago,
Advice needed - Syndicate
Hey guys,
I was referred to a commercial lender called Silver Hill Funding in Los Angeles by a local residential loan officer. The email string was roughly as follows:
Referral source email to commercial lender: "Alex is spearheading communication for his investor group. They are pooling between 4 individuals to begin a real estate business. They are specifically interested in 16-unit rentals and I am referring them to you for your expertise in the commercial lending space."
Commercial Lender : "Hi, is this a syndicate?"
Me: "Yes it is.
Commercial Lender: "We don't lend on syndicates."
Me: "Okay, no problem. Do you have anyone you could recommend who could help me"
Commercial Lender: "Sorry no"
The quick answer and lack of helpfulness struck me.
My questions: Are syndicates hard to get financed? Was my intro email said in a way that made me appear unqualified? Or is this commercial lender just not helpful/unfriendly? Any thoughts?