Lenders in Kansas City

[Edo Y.]

Hi.

We have 3 duplexes in the Kansas City area that we bought recently in cash. We would like to refinance it and need a lender who would do commercial loan to an LLC for investors who live out of town. I'd appreciate any recommendations.

I'd like to take this opportunity and warn investors from doing business with "Great American Bank". It is a local bank based in KS/MO. We applied for a loan with them after the banker gave us a lot of confidence they would lend us money under the above terms. They ran a credit report (which is perfect for all partners) and had us pay for the appraisal (that came back above purchase price). Eventually their bank committee rejected our loan because we're from out of town (which they knew in the first place). Even if you do live in the area, I'd stay away from this bank because of their very unprofessional behavior.

[Lee Ripma]

@Edo Y.

I also am out of state and hold properties in LLCs in KC. It is hard to find local commercial banks that will work with out of town investors. Great American did one loan for me but then they didn't seem willing to do any more. I'm now working on a long-term relationship with UBT and plan to do a cash-out refi with them after a rehab of a 4plex I have is done (currently in it all cash). Cornerstone Bank is also good and was formerly unwilling to work with out of state investors but I think is willing to now. Feel free to PM me for some local bankers that seem to work with out of state investors and those that don't. Cornerstone and UBT are top of my list right now. I've had trouble with Country Club, Bank 21, and Great American.