Guys - just wanted to give a shout out to the BP community and recommend that people use these forums to help with lining up good lenders. I had several properties for a number of years in a smaller metro area (Montana). I felt they were up in value but my existing lender refused to do cash out refi's. The bigger banks didn't like the smaller metro areas - under 150 people per square mile. So I put it out on BP - asking if anyone had good lender contacts in this area. Amazingly, i got several replies - a couple from mortgage brokers who had useful programs I can use now on bigger projects, and two recommendations of local banks not in the same town, but in the same region who were familiar with my area. Lo and behold i reached out to them and one was really receptive. They put my first building's deal to bed in 60 days, then we did another one 60 days later, and just finished up a third last month. Overall, it allowed me to take out $375,000 to use to pay some bills and go out and get a couple more properties. Once that starting happening, too, its amazing how the bank that wasn't as cooperative became much more so!
So just wanted to post this here - so people using this site realize that there's so many people in so many geographies that you can get really specific and useful help that meaningfully can impact your business - if you just put it out there on the forums!
@Mark Mosch Well done! its nice to know this place made your business better.
Just out of curiosity what banks did you use? I am here in rural Montana.
Used Bank of The Rockies for the refinance - Doug Boutillier. They were very helpful and cooperative. A little higher on the rates, but got my cash out and am using it productively.
Love to hear a positive story about Montana, Yeah!!
Good to hear Mark, that may have been on my recommendation. Bank of the Rockies is incredible. They just agreed to finance an expansion in my park between a quick e-mail and phone call. Is that the branch out of Helena? Small local banks are the way to go in my opinion.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!