Finding Financing in Binghamton, NY

13 Replies

Hi all, 

At the risk of sounding like the stereotypical BP newbie, I'd like to ask if anyone has any favorite banks or lenders in the Binghamton, NY area?  I've been working for the past six months to get financing on some multi-family properties I own with varying degrees of success.  The issue I've been having, is that most local lenders (if not all) have guidelines that prohibit non local investors from obtaining financing.  I am back and forth between NYC and Binghamton and have a partner that manages our properties and is "local."  Any advice or direction would be greatly appreciated.

'frustrated in the Bing'

Peter

@Peter @Drawyan Zhang

@Peter Kelly -  have you tried Tioga State Bank yet? Local community bank that i've had some success with.

Are either of you currently looking for more deals in the binghamton/ johnson city area? I am an investor and agent in the area. Most of my deals and properties have been done in johnson city.

I can probably connect with the manager of our local Tioga State Bank.  I may also be able to get someone from M&T Bank to come and speak.  Let's discuss on Tuesday.

I may be late to this party, but I'm glad I read this.

I moved out of NY last year but am looking at buying more property near Binghamton right now. I've always liked the idea of using local banks and credit unions (local ties, strengthen communities, various other incentives, etc), although I would go national if necessary or if it was a significantly better deal. I did not realize, though, that I might have a problem with local lenders now that I am not in the area.

I still have accounts with SEFCU and Visions, so I figured I'd start there. Since you suggested it, I'll add Tioga State to my list as well. I guess I'll start making some calls and see who the investor-friendly lenders really are!

Check out Chemung Canal Bank.... Lenora Phillips.... they have a 15 year fixed "no closing cost" loan for investors 1-4 family qualify.  I just did one for 5%.  The no closing costs is key... you need to keep the loan for 3 years... if you payoff in the first 3 years they recoup the closing costs.

Good Luck!

Tioga State Bank is definitely my favorite, both for commercial and residential lending. They really prioritize community-building and getting to know their clients. They’re fairly quick to close and are all around awesome to work with. 

Visions Federal Credit Union is great too!

Originally posted by @Stephanie Jacobson :

Tioga State Bank is definitely my favorite, both for commercial and residential lending. They really prioritize community-building and getting to know their clients. They’re fairly quick to close and are all around awesome to work with. 

Visions Federal Credit Union is great too!

Thank you! will check them out

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