Need a flexible commercial lender for first property

[Mark Adler]

Hi everyone, I have recently found a property in Baltimore that is going up for auction soon. It is 6 total units with one of the units being a storefront. I had left a full time job about a year ago to pursue real estate full time. I have a triplex in Philly that I use the cashflow from for personal expenses right now but no W2. I am basically looking for anyone who can recommend a commercial mortgage lender/broker who can work with my income situation and just look at the quality of the property itself.

Thanks in advance. -- Mark

[Meghan McCallum]

Mark, you may have heard this before, but...it works. Call up 10 small local banks and credit unions. Ask their loan department what kind of loans that they are looking for. Take the two most promising leads and set up time to go and meet with their commercial lenders. Explain that you are looking to establish a relationship with the right lender. Walk in humble but know that you are the prize. As an investor You are the prize to EVERYONE you will work with. The bank...needs you. The contractor...needs you. The tenant...needs you. 

Be sure you can talk the talk, but be humble enough to ask a question here or there for clarification when you need it...sometime when you don't then compliment them on their knowledge base. 

Its so simple, it works. Have your P&L on your other property readily available for their review and your personal financial statement showing your liquid assets and any other assets you may have, retirement acct., 401K, a classic car? The loan you are seeking will be a recourse loan so you will have to show that if you completely fail (which we are sure you won't) that you can repay any losses.

Good luck!