Commercial lender in Memphis?

Question

Aloha BP!

Are there any recommendations for a good commercial lender in Memphis who is great with out of state investors? Thanks in advance.

Douglas Skipworth · Answer

@Sandeep Gangadhar,

There are plenty of local community banks that will look at a multifamily deal below $250k.   Shoot me a private message and I'll be happy to introduce you to some.

Sandeep G. · Answer

hey @Douglas Skipworth i'm looking to buy a small apartment complex (10 units ) for around $250k. The problem i'm facing is that most banks require a min of $500k to originate a commercial loan.

on a side note: are there other creative ways of financing such deals? (hard money, private lenders and owner financing are not an option)

Douglas Skipworth · Answer

@Sandeep Gangadhar,

Is it for a commercial property or are you just looking to use a commercial bank for residential investment property?

Justin Young · Answer

Hey Sandeep, I ended up not doing business in Memphis so I can't help you much. Sorry about that.

Sandeep G. · Answer

@Justin Young hey Justin, i am on the same boat now and just wondering which lender you ended up using. any leads ? thanks

Sean Tagge · Answer

I would suggest she has helped out a few of our clients get commercial loans.

Karen Schimpf Commercial Capital, Ltd.

http://www.applycommercialloans.com/aboutkarenschimpf

Ronald Rohde · Answer

I had a client obtain commitments/term sheets, but didn't close the funding. Yes, Renasant, my apologies.

Justin Young · Answer

Ronald, thanks for the suggestion. Do you recommend I speak to anyone in particular? Also for the second bank, did you mean Renasant Bank? Have you used either bank before?

Justin Young · Answer

@Dan Wallace Small 7 unit apartment

Dan Wallace · Answer

What kind of commercial project?