Broker Putting Up Roadblocks.... HELP!
BP Nation Hello!
I currently own a portfolio of 20 apartments(4 unit and 16 unit) with an appraised value of $910k. These are located in the Upper Peninsula of Michigan. I moved south to Indiana and am looking at buying into the Indianapolis market. There is a particular deal that is in my wheel house for what I am looking for but the broker isn't providing the information needed to perform a basic analysis on the property which is listed at $920k.
She required a confidentiality agreement which is common so I had no problems with that. Now she is asking for a pre approval letter and proof of funds before seeing any information.
First, banks don't give pre approval letters for commercial loans. Loans are given based primarily on the financial soundness of the deal(of which I don't know without basic financial information), the investors ability to manage(largely historical information used), and finally a consideration for the investors personal financial statement(by no means is this ever black and white in the commercial world). Needless to say I cannot provide the broker this request, no investor can.
Second, I have never been asked for proof of funds when analyzing multi family deals. All I need is a deal packet that shows some basic performance numbers on the property and a 10 min conversation to clear up any questions I have. I have analyzed 100+ deals and this is the first time I have gotten push back to review the basic financials. I can understand pushback if I wanted to view units in the property right away but that is not what I am asking.
I have a letter of recommendation from my bank that I provided that says they highly recommend me as a borrower but that hasn't made her happy...
Please help!
What recommendations do you all have to get through this road block?
Thank you in advance!