All Forum Posts by: Kristian Peter

UPDATE. Our best option turned out to be stacksource.com - we worked with Jaideep and he sent out one of our projects (28-unit acquisition) to about 100 lenders - we got 10-12 good responses and decided to go with Arkansas Federal Credit Union (btw, StackSource charges 1% fee paid through escrow when the loan closes - but the entire process saved us tons of brain damage from talking to hundreds of lenders). Great terms - 5-year fixed, 1st year i/o, 3.625%, 25-year am, no prepay. It does take a guarantor with impeccable financials to qualify, but the debt that is available is amazing right now (which is why prices are insane).

Great responses from @Brian Adams, @Spencer Gray, and @DJ Tosh - we spent 3 months at the beginning of 2021 looking for better financing options. There are a range of commercial brokers, but the best option for us was stacksource.com - we worked with Jaideep and he sent out one of our projects (28-unit acquisition) to about 100 lenders - we got 10-12 good responses and decided to go with Arkansas Federal Credit Union (btw, StackSource charges 1% fee paid through escrow when the loan closes - but the entire process saved us tons of brain damage from talking to hundreds of lenders). Great terms - 5-year fixed, 1st year i/o, 3.625%, 25-year am, no prepay. It does take a guarantor with impeccable financials to qualify, but the debt that is available is amazing right now (which is why prices are insane).  There's a ton of due diligence that goes into every acquisition, but line-up your financing ahead of time, or partner with someone with a substantial net worth prior to "finding deals".

Partnering with the best people possible - attorney, CPA, contractor, etc. Everyone shares in the upside, and everyone makes more money in the long-term.

Thank you @Mary M. - would you mind DM the contact info for your lender at Greystone?

Thank you @John Lenhart - is there any particular person that you work with at Bellwether Enterprise?

Thank you @Charles Seaman for the recommendation! I'll reach out to Rialto. Also, once we have funded a new acquisition with CMBS debt, I'll post details on this thread so that we can all utilize the best providers possible.

Reaching out to the BP Community to hopefully hear from fellow Multifamily Investors on who they prefer to use for lending on their acquisitions? It's fine if you're a commercial lender and would also like to comment, but please provide references to previous deals that you funded and the terms. Our main goal is to find a nationwide lender that we can utilize for acquisitions, and potentially re-fi some of our current holdings.

We have been acquiring multifamily projects nationwide for the past 3 years, 8 (186 units) with 2 (52 units) in escrow. I totally understand that if you have someone great in your corner that provides amazing loans for acquisitions that you may not want to share, but if you do, please let me know via reply to this forum post or via direct message.

BTW - we have been utilizing mostly local banks (wherever the project is located) to do the majority of our previous acquisitions, but the local lenders are hit or miss, and tend to be slow to underwrite and perform. I'm sure that others have had similar experiences. We do provide personal guarantees for the loans and have significant assets and credit to back the purchases. Thank you in advance!

@Mark Johnson thank you for the information! I will check out alltheleads.com.

@Shannon Wright - agreed, the best way for an investor to get a signed contract is in-person, and we always meet with sellers when they've agreed to the basic terms. The offer platform would be utilized by conventional buyers and sellers, which is 98% of all transactions. If a buyer walks into an open house, loves the property, and wants to submit an offer (ideal scenario). Or if a seller wants to receive offers all on one platform, negotiate, and accept/reject (great for this type of seller/investor).

I appreciate your views, and look forward to others adding to the conversation. Thank you!

It's always a safer bet to start with smaller deals and work your way up, like Monopoly. Pick a market, do the research and purchase something that fits your needs for income or appreciation (or hopefully both). Keep money in reserves until your first investment is stable, and cash-flowing. Then move to the next... As mentioned in several earlier posts, the team of people you choose to help with management, financing, etc. is going to make all the difference, especially if the area you choose is not within an hour drive of where you will be living. Choose the right team, and you will be successful!