Real Estate Investor · Clinton, TN · Member since 2016 · 1 post · 0 votes
Hello, my name is Darren Light. While I've been listening to podcasts and reading forums for a few months now, this is my first post.
I am looking to finance an 8 unit property in the state of Tennessee. After reading great things about TrustCo Bank I was disappointed to learn that they do not lend in Tennessee. Is there another bank that anyone would recommend in Tennessee that gives great rates for commercial loans?
I am starting out but I have talked to Athens Federal Bank where we have our business account, and although I am not sure what the rates are I did find out that they do work with investors with in-house loans on commercial and rehab investing. Also SouthEast Bank is a good bank to deal with or at least the one here is. I don't know if you have either of those in your area, but I would also check with the bank you deal with on other accounts.
Investor · Birmingham, AL · Member since 2011 · 46 posts · 59 votes
9y
You might find local, smaller banks willing to lend on a small multifamily. I recently purchased a 10 unit. I assumed because of my good credit that my bank (Regions) would extend credit. While under contract I was very disappointed to hear them say they had no appetite for my building. My property manager recommended a small local bank 3 blocks from home. They were happy to lend and closed the deal on time. Ask realtors, property managers and other investors about smaller local banks doing commercial loans.