All Forum Posts by: Bryce Cutler

Charles, 

I am a banker in the market and have worked with Amy Johnson from CMN, she's great. Depending upon what you're looking for I might be able to help guide you to some other options as well. 

Let me know,

Bryce

he's a great guy and is good about returning calls. 

He handles my stuff for both personal and within a partnership. 

Bryce

Rick Mulvey in North Greenbush is who I use. He has been great for my business and has been very helpful in guiding my business as well.

Good luck on your search.

Bryce

Kendall, 

First, welcome to BP, this is an incredible community with resources for every topic.

Second, I am an investor who is also a commercial banker by day. One thing to remember when talking about traditional banks is that they are all similar but they each have different policies. It is always good to build a relationship with the banker to discuss what loans they do and which ones they don't do. What their policies are and what they have for expectations also varies. 

An LLC puts you into commercial banking department in most institutions but not all. Some smaller banks handle these loans differently. If you do transfer deed to an LLC the bank will expect you to also finance on the commercial side. They may or may not catch it if you don't disclose this, but you should be prepared to deal with the consequences of the change if they do find out that you have switched from a personal name to an LLC.

Most banks will only do commercial funding for 20 years max but again there are some smaller banks who may do 30.

The partnership piece is good to consider if you have a money partner. I have done this on a few of my deals. Most banks will expect that money partner to own a 20% share in the "business" in order to consider them as a guarantor on the loan application. Again, there are some banks that are looser on this policy.

Best advice I can give is to shop around for your bank and banker. You want a banker who will look out for your best interests and can provide you with all details and what-if's so that you don't have any hiccups along the way in the financing process. 

Hope this helps, 

Bryce

thanks for all of the feedback everyone. 

@Yavor Tomov  I didn't have problems, my tenants struggled with set up. 

Bryce

I have tried a couple of different websites and have not had great luck. I used Dwolla with technical problems on both my end and my tenants side and I have tried sparkrent and have had tenants struggle with use and say that it is not user friendly. 

I'm looking for suggestions for other websites or ways to collect rent without driving to multiple properties multiple times.

Thanks in advance for the insight.

Bryce

thanks for all of the advice. I did put it in the marketplace too J. Thanks for letting me know about that.

I have a couple of deals in place and have exhausted all of my current private lenders (I think it's a good problem to have). I now have 2 deals that I do not have financing lined up for and am looking for a financial partner to make money with on these two deals.

Thank you,

Bryce

My company has done a couple of properties using private lending from friends, but now this money is in play and we have 2 more immediate opportunities that we need funding for. How do I find private lenders that aren't friends and family?

Thank you for all feedback and any leads.

Bryce

Chass,

Thanks for the advice. That's a good call especially with the existing tenants we will be taking over.

Bryce