Newbie Freindly Cleveland Bank Recommendation

[Jon Passow]

"Hello Cleveland!!!" Ok, that never gets old, right? I'm gearing up to approach banks to get per-qualified for a loan and start to build relations ships with an underwriter that I will use over and over again for my first few REI deals. Before I start cold calling banks/credit unions, does anyone have a few local contacts they would recommend? This will be for multi-family homes, non-commercial, and I will eventually be setting up a LLC but for the first few deals I'm just doing it under my name.

[James Wise]

Originally posted by @Jon Passow:

"Hello Cleveland!!!" Ok, that never gets old, right? I'm gearing up to approach banks to get per-qualified for a loan and start to build relations ships with an underwriter that I will use over and over again for my first few REI deals. Before I start cold calling banks/credit unions, does anyone have a few local contacts they would recommend? This will be for multi-family homes, non-commercial, and I will eventually be setting up a LLC but for the first few deals I'm just doing it under my name.

If by non commercial multi family you mean 2-4 unit properties You don't really need to reach out to Cleveland lenders to get loans. Some of my most used lenders aren't local to Cleveland. It's not uncommon for me to be involved in a deal where the lender is from one state, the buyer is from another & the property is here in Cleveland. Big firms like Wells Fargo are great. Some other solid lenders are Supreme lending, NLC Loans & Nations Lending. 

One important thing to note is that traditional lenders will not want to lend to an LLC. They only do these loans if you've got title in your name. If you are looking for non traditional loans a lot of my clients have had good luck getting blanket financing through Lima One Capital. Secure Lending Incorporated is another good one.

P.S.

If you haven't already done so read The Ultimate Guide to Grading Cleveland Neighborhoods because, well it's just freakin awesome.