Rental Property Investor · Houston, TX · Member since 2018 · 12 posts · 4 votes
Hey Guys, I currently have to commercial deals under contract. A retail strip center and a multifamily complex in Houston. Luckily I got one owner financed. The multifamily I shopped around a few community banks. I talked to prosperity bank, Texas first, city bank and independence bank. What are you recommenced lenders and terms? Here’s what I’m looking at:
Hey Guys, I currently have to commercial deals under contract. A retail strip center and a multifamily complex in Houston. Luckily I got one owner financed. The multifamily I shopped around a few community banks. I talked to prosperity bank, Texas first, city bank and independence bank. What are you recommenced lenders and terms? Here’s what I’m looking at:
20% LTV
5.5% interest
25 year amortization
1 year I/O
5 year term
Thoughts? Thanks!!!
Origin Bank (Ryan S.)
Green Bank / Veritex (Sharlene H. -- or Sharlene B. depending on if she's still using her maiden name)
Happy to make a warm intro but would need to know more about the deals. Good luck.
Hey Guys, I currently have to commercial deals under contract. A retail strip center and a multifamily complex in Houston. Luckily I got one owner financed. The multifamily I shopped around a few community banks. I talked to prosperity bank, Texas first, city bank and independence bank. What are you recommenced lenders and terms? Here’s what I’m looking at:
20% LTV
5.5% interest
25 year amortization
1 year I/O
5 year term
Thoughts? Thanks!!!
Origin Bank (Ryan S.)
Green Bank / Veritex (Sharlene H. -- or Sharlene B. depending on if she's still using her maiden name)
Happy to make a warm intro but would need to know more about the deals. Good luck.
Investor · Houston, TX · Member since 2010 · 234 posts · 145 votes
7y
@Mike Elaridi i have used TDECU and have been working with Meagan Holloway within their commercial loan segment . Feel free to mention me as well. She has been very easy and good to work with. Best thing about them is that they make in house investment decision very quickly . Typically 1 pt , market rate , 20/25 yrs amm and depending on the property make get 1-2 yrs interested only ...
Rental Property Investor · Houston, TX · Member since 2018 · 12 posts · 4 votes
7y
@Shahriar Khan
Thanks Shahriar I’ll check them out! I’ve only ever used credit unions to finance my cars because of their low rate. Had no idea they would be good for real estate :)
North of Houston · Member since 2018 · 349 posts · 181 votes
7y
@Mike Elaridi I am more of a multi family spec builder but while looking for myself a loan I met some possibilities, My general rule is the smaller the bank or CU the better
If these properties have self supporting incomes, then these are good names:
Spirit of Texas Daniel Wolfson
Prosperity bank (depends on the local as to who you call)
5 point was looking,when I asked them 2.5 years ago
Allegiance, Monica Hill (that was a few years ago)
also Brenham National Bank, very competitive, if the deal fits them, that's my first choice
I know FFB has been looking, never got a chance to apply there but like them
I would ask any credit union near the location of the property, can't pass that up, do that first
Still not finding what you want? PM me more details about your scenario then I can help target a more fruitful fit for what you are looking for. Some of these lenders have lending limits, time frames, geographical lines, stuff like that
Hey Guys, I currently have to commercial deals under contract. A retail strip center and a multifamily complex in Houston. Luckily I got one owner financed. The multifamily I shopped around a few community banks. I talked to prosperity bank, Texas first, city bank and independence bank. What are you recommenced lenders and terms? Here’s what I’m looking at:
20% LTV
5.5% interest
25 year amortization
1 year I/O
5 year term
Thoughts? Thanks!!!
Are you personally guaranteeing? I would review the terms of financing to be sure you can have some burn off which will allow you to keep growing.