Commercial Loan Process

2 Replies

Hi BP Family, I am looking for multi-units to add on to my portfolio. Getting deals is not the issue. My first few flips we have paid them all out cash and I have gotten great values, all off-market deals. Now as we are trying to expand and grow, we want to keep multis in our portfolios as rentals. I wanted some advice from people who have been in this situation before. I just have one under contract, a 4-unit in Paterson that we paid cash. Now we are looking at another one in North NJ that I wanted to get financing for. My credit is over 800, along with a strong financial background, so I am not worried about getting approved. Are there any conventional/local lenders who would be willing to grow with us? We do not want to go the hard-money route especially if we don't need to. I have a multitude of other businesses as well along with a strong track record for our team. Thank you for any advice 

I have several conventional loans for the types of properties you describe. Many of the "big" banks don't like to go over 4 loans with one person, but there are plenty of mortgage lenders that will go up to 10. The key is having a strategy to leverage and make it a no brainer for them- sounds like you have that. I'd just meet with some lenders that specialize in conventional mortgages and find one that understands your strategy.