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Updated over 6 years ago,
Investing out of state, seeking advice on lending
Hi Bigger Pockets community!
I'm in a 1031 exchange, having sold a commercial property in Los Angeles. I'm looking for similar mixed use properties out of state for better return on equity. I've identified and am under contract with something that fits my profile. I've found it's a bit of a challenge getting terms I can qualify for here in LA.
Any advice on positioning myself to get the strongest terms?
Do I search out large institutional banks or smaller local community banks?
Is it bad form to share a term sheet with competing banks?
Thanks,
Adam