Updated over 10 years ago on . Most recent reply
Financing an Out-of-State Multifamily Property
Hey BP!
I'm looking into purchasing an 8-unit apartment building, but it's in a different state from where I live. I called several local banks in my area, and they are not interested in financing the purchase of an out-of-state property... I called several local banks close to the property, and they are not interested in financing the building for an out-of-state borrower. The only companies that I've found that would be able to help me are offering very high rates. Does anyone have a recommendation of a national commercial lender, who might be willing to lend on an 8-unit building for an out-of-state investor at a reasonable rate? I live in FL and I'm interested in investing in SC.
Thanks!
Most Popular Reply
Wow Michael , a lender who can not get a loan.. Now I don't feel so bad. Good luck to you as I know commercial loans are different. Most deals that go down around Charleston, Greenville, and Columbia seem to have partnerships unless your rich, hang out with rich and can offer them a good return for the use of their Self directed IRA. Some of those folks may be willing to talk with you now since the stock market has been taking a beating since the beginning of 2016