Pitching myself to Commercial Portfolio Lender...What to ask for?

[Michael Ablan]

Hey guys!  I was wondering if anyone could drop some insight as to what I should realistically ask for or expect to get based on the following info.  Any help would be greatly appreciated!

After calling all of my local banks I've finally landed an appointment with the president of a small institution capable of making portfolio business loans.  I spent the entire weekend preparing my financials and putting together a beautiful binder detailing everything there is to know about myself and my portfolio.  Here's a quick run down of my numbers

Total portfolio : 10 buildings, 12 total units rented.  Only 6 of the buildings are actively used as rentals.  The rest are in rehab.

Total portfolio worth: $724k (4 buildings will increase substantially after rehab.) ARV would be $949k.

Total available equity: $385k AS IS.  

My net income on my portfolio is $25k, which is pretty good considering I bought 8 of the units in the final 6 months of the year.  I also have a good income as a real estate agent, as well an electronic wholesale business.

So what should I ask for?  Would it be unrealistic to ask for a $500k line of credit tied to my portfolio?  I want this to be the one lender I turn to for all of my deals, whether its a purchase or refinance. I've currently got 2x 4 units, 1x 5 unit and 2x duplex under contract, but I'm sick of taking everything through the conventional banking route of 45+ day from start to close.

I just don't want to go in asking for something crazy and get laughed out of the room.   Please throw out any thought or suggestions.  I want to go into this thing as prepared as possible!  Thank you

[Andrew Postell]

@Michael Ablan I would recommend to just speak with them about their tolerances on lines of credit and what they look for with their loans.  The bank will likely have it's own application for you to fill out.  It might be ok for you to bring that binder but they would likely have you fill out their own forms in regards to the property.  Quiz them on calculating income, what their loan approval process is like, how they qualify you/your properties and what their terms will likely be for this type of a product.  Remember, you are the customer.  They need to earn your business.  Not the other way around.   I'm showing about $140,000 in equity that they might lend to you.  It could be a little different.  They might only base the loan on the completed properties.  So quiz them on what they need and look for.  Hope this helps!