South Florida Local Lender for multi family 5+

[Fradel Barber]

Anyone have any recommendations on how to find a local lender for a 5 unit multi family in Florida. (prefer to work with a smaller bank) or someone that is great that you have worked with before?

Much appreciated!

[Charles Carillo]

@Fradel Barber

Usually, the only lenders on these properties are local banks and credit unions. In my experience, it is best to start reaching out to all local banks and credit unions around your property (maybe a 30-60 minute drive) and ask if they lend on those properties and what products they have available currently. It will take a few hours but you will definitely find a handful of good potential lenders. You could work through a broker as well but then you are not sure if they have relationships with all of these local lenders. Commercial brokers usually charge 1% or $10k minimum funding fee so you can avoid this. Lastly, when you are dealing with lenders that are keeping the loan on their books, it is much easier to negotiate with them.