All Forum Posts by: Shahn Sattar

Hello BP,

Does anyone know of or have any experience with a commercial lender for a loan amount under $250k? I understand that this is small potatoes for most lenders and they just don't even want to bother, but thought i'd ask anyway. 

Any and all recommendations or information would be great! Thank you in advance!

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@Heather Easterbrook - Do you by chance know or have any recommendations for these private lenders you are talking about? That is the route I was hoping to go, but after searching, it seemed like a dead end as I kept running into strictly hard money, big banks, or the small local banks/credit unions as my options.

@Nick Schoch @Chase Louderback - Thank you both very much for the information! With my situation I will focus my search to the smaller banks in the markets I am looking at!

@Krissy Key - That is good to hear because it looks like that is the route I will be going!

@Omar Melendez - One of the markets I am looking at is in fact in California.

Hello BP,

I am looking to get pre-approved for a 5+ unit property and wanted some tips/recommendations on what to look for in a commercial lender. If I'm looking in multiple markets, should I look for smaller lenders in each of those markets or one just one that can lend in all 50 states? Im open to any and all information you are willing to share. 

I've already been pre-approved for a 1-4 unit property, but I've missed out on a couple of smaller commercial multi-family properties and I'd rather that not happen again. 

@Mike Burkett @Basit Siddiqi @Taylor Chiu @Jason Dillard - Thank you all very much for the clarification and insight. I had a feeling this option was too good to be true, at least the way I was thinking about using it. I will keep it open as an option, run the numbers, and decide what to do from there. 

@Jason Dillard - Thank you very much for the response! For clarifications sake, you're saying that if I were to make their HELOC payment directly to their lender out of my companies bank account, I would be able to write this off as an expense on my companies taxes? The person doing it for me will not be making any money off this transaction and will simply be doing this as a personal favor to me, and I just wanted to clarify the tax ramifications, if any, for both of us.

Hello BP,

I am looking to buy my first investment deal and I had a quick tax question for anyone that might be able to help. I have been pre-approved through the traditional means (20-25% down) but I have been recently offered, by someone I trust, to borrow money from them using money they will pull out of a HELOC on their primary residence. They basically offered to be "the bank" in a sense, which would allow me to buy a BRRRR type property a little easier, and maybe for less seeing as how I could go in with an all cash offer.

My question is this, would I be able to write this type of financing off on my taxes? While technically it would be an expense, the person I am borrowing it from wouldn't be claiming anything on their taxes or providing me any kind of tax forms. In a perfect world it would only be for 6-12 months at a time and then i'd pay it back when I was able to refi. I'm just not sure how exactly this would work in a tax sense, if at all. 

Any help/suggestions would be greatly appreciated!!