Good commercial lenders recommendations for the Chicago market?

[Mitchell J.]

Am looking at a 7 unit multi-family and will need to speak with commercial lenders regarding financing.  I do not have experience in this since I've only taken residential loans.  Would appreciate any recommendations and/or advice on transitioning to larger properties and the world of commercial lending.  Happy to buy coffee as well if you are local - thanks in advance!

[John Warren]

@Mitchell J. commercial loans are not like residential loans in a variety of ways, but the main thing to keep in mind is that these lenders are much more localized. If you are on the north side, I have a few lenders who are really great. If you go to the west or south, the same lender may have less interest in your deal. 

Also, you will want to build a relationship with the lender who "gets" your business. This is not a commodity in the way that an FHA loan is. The bank won't be selling the loan. The same team that originates it, will likely interact with you throughout the life of the loan. They will expect you to have an account with them, and they may want your operating account to be with their bank (which helps them lend more ultimately).

So to start with the end in mind, where is your 7-unit deal located? Then we can all help you find some great lenders.