All Forum Posts by: Amy Greger

Finally some good news... have a verbal approval from Peoples Bank (Northwest Indiana).  Should be finalized in the next couple days!

You can download a simple form online. The excise tax form can be downloaded from the King County website. I have filed several quit claim to transfer properties between spouses. The staff at the downtown Recorder's Office on 4th Ave are very helpful. 

Centier Bank - no go.  Same answer... "not in their footprint".  

Thanks @Marty Johnston!

@Marty Johnston - This is actually a off market deal for a property own by my property manager's family. :)  It is not our first out-of-state property in the area, but it is our first commercial property.  

We have family in the area and thought about the LLC option you suggested. However this is a 1031 exchange. To keep it "clean", our 1031 facilitator recommended sticking with the same name as title for financing or risk owing a portion of the deferred capital gain/depreciation recapture.

Found this old post today... you're right. We're definitely not the only one with the same problem. 

https://www.biggerpockets.com/forums/557/topics/215965-portfolio-lender-in-indiana-indianapolis

I was told Centier Bank and Peoples Bank may work out - I'll update this thread when I get more info.  Luckily we have time to work out the financing.  Not closing till April.  

75% LTV and DSCR over 2.0.

I was told to try Peoples Bank in Indiana. Will reach out to others as well if that doesn't work out

Thank you!

Looking to get my first commercial mortgage for a 11-unit building in NW Indiana.  The guy I was working with was confident that he could get the loan approved - all the numbers looked great.  Until he went to his manager and he said we're "not in their footprint", as in we do not live in the local area, and therefore they are not going to work with us.  Not sure why it's relevant in this day and age.  

Can anyone recommend a lender who would work with out-of-state investors?  Loan amount is 300K.

@Ryan Kemp 

Hi Ryan.  Please send me details as well. Thanks!

Quit my job :)

@Jack B. 

Nice! How much was the Maple Valley property? Is it a SFR?