All Forum Posts by: Rita Bautista

I checked out their website, they appear to be a commercial loan broker.  I would agree, with Jay, just make sure there is no money requested up front. 

I work with several multifamily, nationwide lenders.  I would be glad to review some options with you. 

Alexis,

  I'm certain that the bank will require you to sign a personal guarantee on the line of credit.  So even though it doesn't show up on your credit report, you are still personally responsible for that line of credit for your business.  It is nice to have that working capital but be aware of the personal guarantee. 

Stephanie,

Any lender will want to see a current rent roll to see that there is existing income.  If you start with no renters, then you need to have a solid business plan that shows how you will quickly acquire renters.  Both are viable strategies.  It really depends on your resources and your vacancy contingency plan.  You may want to ask other landlords in the area how long it takes them to fill a vacancy.  Also research the percentage of renters in the neighborhood to be able to build a solid business plan. 

At Foxworth Commercial Capital, we offer custom financing solutions beyond your bank.

A separate account is also very valuable if you ever go for a commercial loan for working capital or real estate.  They will want to see cash flow for your business.

Victor,

If you need working capital for the rehab, I may have some options.  It would depend on a few factors.  Contact me to discuss. 

Dave, 

I don't know of any scenario where you could do this with no money down unless you give up equity to a partner who has the funds. It is possible to do this with as little as 10% down.  To qualify you would need to have some experience in self storage and some equity beyond the down payment.  E-mail me, I would like help if I can. 

Connie,

Best of luck.  I just found financing for a deal in MO for 2.2MM.  When you find the property for your investor,  please reach out. 

Rita 

[email protected]

I would ask for examples of past deals.  They usually are more than happy to share that information.  The better private lenders even use past deals to advertise how pervasive there reach is.  If you are working through a broker for private lenders, they will be less enthusiastic to share the lender's details unless you sign an agreement to go through the broker and not go to the lender directly.