Ok guys, I am meeting a commercial banker/lender in about 2 hours, and my question is, what questions should I be asking him? How should this meeting even go? Should I keep it a little bit business and a lot personal to try and get to know him, or a little bit personal and a lot business?
I'd listen to podcast #55 Great ideas from Jimmy Moncrief.
I would play it ear. Let them doing the talking. Most of them blow a bunch of smoke. You could be lucky a get a good banker. Read the local paper and I'm sure you will have something to talk about. If you are presenting a deal to him I would have it bound in a binder with every piece of information about the project.
Awesome, thanks guys
I can't even answer your question.
First thing is not all lenders are created equal. I would first ask you a series of questions to first determine what you are trying to do.
Are you trying to buy small mom and pop junker stuff?? Larger commercial with national tenants?? 10 unit or 100 unit apartment building?? Capital to start??
I am a commercial broker and not a lender but I cut through the bull quick. I would bring your personal financial statement showing liquidity and net worth for starters. The deal size you might want to purchase might be out of reach without a partner.
If the loan goes above a certain size the local banks are most times not the answer. Better programs can be found through conduit, cmbs, life insurance, pension funds, private high net worth investor loans on quality assets. etc.
All the best.
@Joel Owens Thanks for the straight advice.
Do you do commercial investing alongside your brokership? In what way do you leverage your broker role to pick up good investment properties?
Sorry its not the thread topic, but I am curious.
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!