Northern Virginia Investors Has Anyone Worked with Cardinal Bank
I was wondering if anyone has experience with Cardinal Bank's business banking or their subsidiary George Mason Mortgage?
GMM has both construction and renovation loans listed on their website, the loan officer told me today that their renovation loans are 203 only and that they had a minimum loan amount of $75k. Which is the same minimum for their construction bridge loans.
I know I can't do a 203 with non-owner occupied properties but a minimum $75k for a 203 seems excessive.
He also gave me a pre-approval for the exact amount of the offer I was planning to make on a property and when I asked for standard pre-approval with maximum amount I qualify for, he acted like that was out of norm stating that his clients just contact him when they have property lined up and he does the letter. I told him that seemed a little cumbersome if I have to contact him for a letter every time I want to make an offer.
I've gotten pre-approvals before, this seemed weird but I haven't dealt with small local banks before, is this usual?
Appreciate information you can provide.