Hi! For those of you using credit unions to purchase commercial multifamily properties, are you getting a line of credit or an actual commercial mortgage? I've called countless credit unions and they are all saying they don't do commercial loans. I swear, I've heard a ton of people say they use credit unions, so I'm wondering if I'm asking the wrong thing!
@Nikki Closser I'm doing this in my market of Columbia, SC. In my experience, there are lots of credit unions that will do these.
Perhaps some of those that you called aren't doing them now due to COVID? Or perhaps it's specific to the property or your financials?
I currently have commercial/portfolio loans with 8 lenders and have learned one commonality among them all. Lending is temperamental. Sometimes they'll act like they're willing to loan on anything and other times they won't. Credit teams can be finicky.
I've also learned to continue to call on banks at lots of different times of the year. I've found lenders are more motivated at the end and beginning of the year due to loan quotas.
@Will Gaston funny, right after I posted this, I found one who does commercial loans AND my own credit union called me back 10 minutes ago saying they do them, but it's through a company who they partner with. So, hopefully, I'll be good to go! Thanks for the advice/feedback!
@Nikki Closser glad to hear!
Making a habit of calling current, old, and new lenders is a great habit for investors. It's been really helpful in my experience. You might be surprised by what you'll learn.