Local Banks can provide creative and flexible loans? (Wisconsin)

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Local Banks can provide creative and flexible loans? (Wisconsin)

Tim Chiu
Investor 路 Madison, WI 路 Member since 2016 路 19 posts 路 4 votes

Hello all,

I have heard and read from BP podcasts and other sources that local banks are able to work with investors more to create flexible loans for investment properties.

Does anyone have recommended local banks in the Southern Wisconsin region for investment property and commercial loans?

Thanks!

Tim

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Chris Heeren
Investor 路 Janesville, WI 路 Member since 2013 路 180 posts 路 155 votes
10y

State Bank of Cross Plains & Union Bank & Trust - Evansville

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  • Luka Milicevic
    Real Estate Agent 路 Nashville, TN 路 Member since 2015 路 2k+ posts 路 2k+ votes
    10y

    I can confirm my experience with local banks has been more "flexible". Honestly, I would never work with a big, national bank. They are not able to tend to home buyers, let alone investors. 

    I'm unfortunately not able to recommend any in your area.

    0Reply
  • Daniel DietzPro Member
    Rental Property Investor 路 Reedsburg, WI 路 Member since 2011 路 1k+ posts 路 857 votes
    10y

    I have not sued them as we have been buying with our Self Directed IRAs, but I have been asking around and have heard good things about Oregon Community Bank in Oregon WI. My understanding is that they do a lot of investment property lending through their 'business banking' side of things. 

    Good Luck, Dan Dietz

    [email protected]608-524-4899
    1Reply
  • Yashira ZavalaPro Member
    Investor 路 Madison, WI 路 Member since 2015 路 51 posts 路 13 votes
    10y

    Hi @Tim Chiu. I just closed a deal a week ago with First National Bank - New Berlin. I highly recommend them. My lender was Nick Vandervelde, great great lender. 

    0Reply
  • Tim Chiu
    OP
    Investor 路 Madison, WI 路 Member since 2016 路 19 posts 路 4 votes
    10y

    Thanks @Luka Milicevic, Great info @Daniel Dietz @Yashira Zavala   I will definitely check them out.  

    0Reply
  • Scott Schultz
    Rental Property Investor 路 West Bend, WI 路 Member since 2015 路 931 posts 路 598 votes
    10y

    go to Bankrate.com, look for the most stable, and well capitalized local banks below 1 Billion dollars the commercial dept should be able to work with you, have your ducks in a row, have your PFS and 3 years of taxes ready for them, and yes they can be quite flexible. 

    0Reply
  • Chris Heeren
    Investor 路 Janesville, WI 路 Member since 2013 路 180 posts 路 155 votes
    10y

    State Bank of Cross Plains & Union Bank & Trust - Evansville

    1Reply
  • Mindy JensenPro Member
    BiggerPockets Money Podcast Host 路 Longmont, CO 路 Member since 2014 路 7k+ posts 路 10k+ votes
    10y

    @Tim Chiu, I had success with Monona State Bank when I lived in Monona.

    [email protected]Podcast Guest on Show #261
    BiggerPockets
    1Reply
  • Tim Chiu
    OP
    Investor 路 Madison, WI 路 Member since 2016 路 19 posts 路 4 votes
    10y

    @Mindy Jensen this is great! I actually just heard your podcast 2 days ago so its almost like a celebrity is replying to my post 馃榾馃憤 I will deinitely give them a call. 

    2Reply
  • Joshua Martin
    Investor 路 Milwaukee, WI 路 Member since 2016 路 389 posts 路 193 votes
    10y
    I've been in touch with Waterstone lately about a commercial loan, and they seem helpful enough. A few investor friends recommended them on the fact that they have been known to do 'character loans, and be aggressive,' both good for a newbie investor. Pyramax may also be a larger bank (I'm not sure), but I know people who also work with them. Just call any, see if they're helpful and how it goes. The truth is, of the deal is right, they all want to loan you money. Best of luck, JTM
    0Reply
  • Tim Chiu
    OP
    Investor 路 Madison, WI 路 Member since 2016 路 19 posts 路 4 votes
    10y

    @Joshua Martin Thanks for the recommendation!  I actually worked with Waterstone on a couple of rentals a few years back.  The broker I was working with moved to another company so I haven't check them back recently.  My experience with Waterstone is that they sell the mortgage off to another bank quickly within 1 year, and their underwriting was extremely strict which led me to provide A LOT of documents and having multiple 3 way calls so they can get information from various sources that would require my consent.  Selling the mortgage creates additional hassles with changing payments and the need to provide additional information to the new lender.  I am interested in Portfolio Lenders who finance their own loans and can build a long term relationship with.

    Thanks!
    Tim

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