Real Estate Investor/Broker · Irving, TX · Member since 2015 · 520 posts · 263 votes
9y
National, reputable lender. You'll have to ask yourself, is the 100 bps or so worth going non-recourse? If not, a local bank will be your best option. 5Arch is another group who can help with portfolio loans.
Freddie will hopefully release their portfolio program in the near future which will be non-recourse and ~200bps lower than any other non-recourse portfolio product on the market.
Commercial Mortgage Underwriter / Broker · New York City, NY · Member since 2016 · 193 posts · 75 votes
9y
If you are cash-flow conscious it's usually a solid play even with the higher rate. You'll get a 30 year amortizing loan where most local banks will be offering 20-25 year amortizing loan.
Specialist · Long Beach, CA · Member since 2011 · 877 posts · 398 votes
9y
We had CoreVest out last month at our live event. They have some really good programs. They have a lot of experience, so I'd give them a call. I am personally looking at their line of credit program.
Corevest has been great, the only thing I don't love is the 10 year term 30 year am. I'd rather no balloon and a longer term but most commercial lending is like that from what I can tell. If anybody knows of a lender like Corevest that does 15 20 30 year amortizations with same term on commercial, please let me know.
I hear that. Some different term offerings just make sense to me. Open yourself up to more potential borrowers and make more money... but that is just my simplistic look at it. I figure they have their reasons.
Rental Property Investor · Los Angeles, CA · Member since 2016 · 141 posts · 123 votes
7y
Writing this review now as I have now worked with Corevest on multiple deals (portfolio loan - package of 9 properties, two rehab line of credits) and had a great experience working with Cecilia Lai (Line of Credit Funding Analyst). She is very professional and works hard to ensure we meet deadlines. I also would have not been a repeat customer if not for the diligent effort of my account manager Jeremy Lee who communicates really well and is able to find solutions to my funding needs.
I will be honest and say they are not the cheapest route, but they get the job done. Will continue to use them for the foreseeable future.