Pensacola Pace Milton Navarre - Conventional Lenders?

Question

Hey BP family!  I'm originally from northwest Florida in the Pensacola area, but have spent the last 11 years in the USMC and have lost touch with many of my associates and friends back home... Hopefully I'm setting off someone's "keyword" alerts for some advice on which local/regional banks are in and around the greater Pensacola area that are willing to lend to investors...

Michael Garrison · Answer

I see. Thought you might be trying to let that IRA work.

William Allen · Answer

@Michael Garrison

I was just trying to see what would be best for his situation, conventional online lender on  a residential loan which would be cheap and great terms or a local portfolio lender on a commercial loan which would be a little more expensive but still cheap in the grand scheme of things.

Great points and information on hard and private money though!

Dan Hatch · Answer

I have had good luck, and I am on my third loan with Lisa Hudson of Synovus Mortgage (Coastal Bank) in Pensacola. This thread will not let me post phone numbers of email, but I can give you her info if you inbox me.

I have had bad expirence with Pen Air and lost a deal due to the loan guys inexperience.   .

Michael Garrison · Answer

I see where you are headed William.

Richard, you might be able to get some good banks in our area to lend to you being military and a nice verifiable income and such. Navy Federal has made its Home here now and would probably work great. there are many others as well.

But as William asked, "what are you trying to accomplish with them?"

There are other forms of lending that might better suit you in your investments other than traditional lending.

There is also "Hard Money". Although its high interest rates scare some people away it is very useful in that it is usually lent against the value of the proprty and not based on some predetermined credit score. It is generally a short term loan.

There is also "Private Money". These lenders are the wholly grail of lenders. They loan their own hard earned cash out at a reasonable rate of interest. There is generally NO credit checks and the wait time for "Approval" is next to none. This to is generally a short term loan. There are lenders that will do longer term depending on cash flow and "personal" decisions.

You would be wise to look into the various possibilities that are out there instead of just one method of obtaining a loan. I can only speculate, but I believe that this is the direction William was leaning when he made his original question.(Hint)

Thank You,

Michael

William Allen · Answer

@Richard Hammac

What are you trying to accomplish with them?