Success in finding finance sources

[Account Closed]

In the process of financing an apartment complex it has been necessary to scour my local area banks, credit unions and other sources.

What I found in my neighborhood was many banks that are not lending for real estate purposes. I found a number of credit unions and banks that will do residential deals, but was amazed at the wide variation in cost for investing in investment properties.

I also looked at brokers, both local and national. I found some good contacts and discovered that conventional financing is getting difficult for many. It is out there, but the real estate fundamentals must be right and your credit score makes a big difference.

Commercial financing can be more challenging and seems to be more individually oriented and of course the project numbers must support the deal.

Terms, rates and conditions seem to vary greatly.

The experience has been good because now I have a good idea were to go when financing my next deal. Good connections count and make it easier to fund the next project.

[Dave Eddy]

Are you a member of the local REAPS? The reason I ask is I have been visiting there for a couple of months and I am looking for private money or possibly a partner with money/ expertise in the Puget Sound Region to help with some ShortSales and some other possible projects.