Hard to find Lenders in Alaska, Any Ideas?

Question

I am looking for lenders out of Alaska for financing multifamily and other commercial real estate. I can go through my local bank as we have a good relationship, but would like another quicker, less stringent alternative for certain situations. My accountant (California) recommended B2R finance who is now merged with another company and does not service Alaska.

Any ideas?

Jared Rine · Answer

@Chris Thorgesen..I think Glassridge is legitimate too. The lenders that I use, while said there are not many, are also very capable lenders for properties in AK. We have too much compliance here in CA (at least being licensed) to use lenders that aren't legit. Would look forward to seeing what you've got going on though...

Chris Thorgesen · Answer

I should point out that I believe Glassridge to be legit. I have had several conversations over email with them.

Chris Thorgesen · Answer

Well, I have received numerous fake applications from people who are generally out of the country, have poor English and spelling skills and promise ridiculously low repayment rates with basically no verification of anything. These are obviously phishing attempts. I even filled one out, but lied about all the important information that they asked for such as DOB, mothers maiden name, last 4 of SSN, etc.... just to see what they would do. They sent an amortization schedule with a 30 year loan for $1.25MM at 30 years at 5.2% ..... AS A HARD MONEY LENDER! :0 Why not 60 years at 1%... same give away.

The point is that you had better watch out when receiving or sending information to people on bigger pockets or any other online location.

The point is that you had better watch out when receiving or sending information to people on bigger pockets or any other online location.

Jared Rine · Answer

@Chris Thorgesen...pm me with what you're looking for. Finance of America/B2R would not have done you justice if you were looking to finance multifamily and other commercial real estate property. Glassridge I think is similar to how I operate - they are a broker. Evergreen is a Commercial business lender - SBA only, like you stated.

There aren't many though just because it's not necessarily a familiar location for most lenders, but some of my lenders will lend in Alaska. Part of it will depend on what you're looking at far as price point, LTVs, etc.

If you're looking for different than bank and in the $1-$7.5MM amounts, but it's still potentially bankable with less red tape (no tax returns, non recourse, potential higher LTVs,) you also might want to look at agency financing at least for the multifamily.

I'd like to know more about what you've got going on.

Thanks,

Connor Dunham · Answer

Shoot. Well thanks for looking into that for all of us Alaskans. The search continues.

Chris Thorgesen · Answer

Just tried Veristone, they do not have license to lend in Alaska. That is my typical answer.

Chris Thorgesen · Answer

Thanks Anthony,

I have worked with Evergreen before. But I was under the impression they were for SBA 7a or 504 loans.

Chris Thorgesen · Answer

Thanks, I am looking into a company called Glassridge. I will let you know if I come across something.

Connor Dunham · Answer

I've been meaning to try Veristone for short-term acquisition financing as they are based out of Seattle. Haven't talked to anyone who has given them a shot yet for in-state purchases. Best of luck.

Hard to find Lenders in Alaska, Any Ideas?

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