I am a new investor in Palm Beach County FL and looking for insights on how to find investor friendly bankers. I heard smaller community banks are more interested in working with investors and will work harder to provide products and services that larger institutions tend to shy away from.
The small regional banks and credit unions are going to be your best bet for multifamily investors. PM me (include your email address) and I will make some introductions to banks we know have an appetite for multifamily.
Hello Clifford! I do not have much experience but alot of education and I have heard several times that a bank is the hardest place to start even though their interest rates are lower and usually long term but being creative is essential. Private Lenders and Hard Core Lenders are more asset related and include repair/rehab costs included in the loan. Banks do not include the repair costs unless you are applying for an insured loan. The other Lenders are usually short term and charge higher interest rates but more flexible. You can also do a "cash rich" Partner, Notes, owner financing as a solution. Giving up part of the profit, that's better than nothing. If you have to refinance it's after the market value has gone up and usually a bank is easier. Good luck!
We are planning on doing some cash and some hard money for purchasing property I just want to establish rapport with a friendly bank or two when we look for longer term financing.