All Forum Posts by: Thomas Testa

Thank you, Chris. Appreciate the reply.

Hi all, I understand that every leader is different but are there options for extending a commercial loan? I’m working on a project and the 12 month term is about to end in approx 3 months. We probably need an additional 2-3 months in order to finish project and close on a deal to pay off the loan. Thanks very much for any insights! Tom

Thanks for the additional info @Kevin Co. That 25% down payment is exactly why I'm looking in Maine vs Massachusetts as there's less capital needed to invest in a Maine 2-4 family or even 4+ family (excluding Portland!). There needs to be a bit of a market correction in MA before I continue investing there. But not too big of one  thought, those rents need to stay kinda right where they are ;) 

Thank you for the insights, @Kevin Co @Jay Helms and @Jeff Kehl. Sounds like it's best to try and work with a bank directly in Maine. I'm hoping to invest in several properties from Southern Maine up to Portland so it sounds like a good idea to start building relationships with local banks. Hopefully the non-resident factor isn't a hurdle. 

Hi all, Wondering which lenders are on the short list of buy and hold, 2-4 families? I’d turn to my local bank if I were buying in state but looking to purchase elsewhere. Appreciated all the great insights coming from BP members!