Little Bank, BIG WIN!!!

[Jesse Waters]

So, I have been trying to get lending sources lined up.  I had talked with some boutique lenders such as B2R, La Quinta etc, and only coming out with high rates & less than favorable terms.  Last week I got some paperwork in the mail from the bank that I keep my business checking account at.  Since I was going by the bank I decided to drop by the bank & face to face with the folks there.  

After I took care of the paperwork I asked to speak to their commercial lending rep.  

We went through the normal introductions.  When we got down to business,  I was floored by the terms that they are offering.

Under $500k 20 year am with 7 year balloon for 4.6%.  

The big kicker here is that they are only asking for 85% LTV, DCR of 1.25.

Most other banks/lenders I have talked to want something along the lines of 70-75% LTV. By cutting my down payment requirements in half from the 30% I had been paying to 15% it would seem that my buying power has just doubled.