Lender Contacts and Criteria for Atlanta, GA Commercial Mortgages

[Sharon Jacas]

Hello Bigger Pockets Community! I'm Sharon Jacas. My husband and I currently invest in a few smaller multiplexes, but planning to go into the commercial multifamily (5+) space in the Atlanta Georgia area. My partner and I will be visiting Atlanta in the next couple weeks to check out the different areas (counties, submarkets, etc) and to determine the better areas to invest in. We want to see and learn as much as we can in the days we'll be spending there. I've been reading all of the great information on Bigger Pockets for some time now, I've learned an awful lot. This is the best place to learn about RE investing. And now I turn to you for more specific information.

Before we go, we'd like to get a better sense of commercial lending criteria since we're inexperienced in this area of investing. We are particularly interested in knowing more about lenders who loan on properties $500K or less, as well as lenders who loan on properties selling for $1M+  For example, do the lenders look at the personal credit profile of the managing partners? the equity partners? Both? Also, will our inexperience work against us? Will we be able to secure a multifamily loan without too much trouble? What types of challenges might we experience?Who might we be able to speak to from NY before we go (brokers)? Can we pre-qualify for a commercial loan to be taken seriously when we're shopping for properties?

We are in the process of raising capital from family and friends, so we're not sure exactly how big of a building we'll be able to purchase yet--right now we're got commitments for about $200K. We think we'll be able to raise sufficient funds for downpayment, closing, reserves, etc. though. We're working real hard. We will be a partnership of 2 principals (maybe 3) with somewhere around 6-8 (if not more) additional people investing as equity partners.

Any information you could help us with would be appreciated. We are especially interested in what commercial lenders look for, the impact will  inexperience will play in getting a commercial loan, as well as specific brokers, lenders, realtor resources in Atlanta we can turn to, and any other advise you may be able to help with.  I know this is a lot, but anything you have to offer will assist. Thanks.