Commercial Loan Broker / Bank Recommendations

6 Replies

Any recommendations for commercial loan brokers/banks for investment property in Tennessee and Arkansas? Looking at multi-family properties - 10-100 units. Will purchase with down payment/loan, value add and refi in 12-18 months. Who is competitive with LTV and rates/terms?

@Kirby Davis we've been seeing some competitive stuff come out of FNB based in Paragould. Ty Teague is who we've dealt with there. I will tell you no matter who you talk to in the banking industry, everyone will want your deposits and most will make doing the deal contingent on you moving them. 

Originally posted by @Dustin Davis :

@Kirby Davis we've been seeing some competitive stuff come out of FNB based in Paragould. Ty Teague is who we've dealt with there. I will tell you no matter who you talk to in the banking industry, everyone will want your deposits and most will make doing the deal contingent on you moving them. 

 Thanks, Dustin. I'll check them out. I'm ok with moving the account/reserves for that property to their bank. 

I see you're in Goshen. So am I. Rare to see someone on here from the same area. 

@Kirby Davis I'd second Simmons as Brandon did above, we've used them several times in Fayetteville and they are always aggressive but have a low cap on what they will do without moving deposits... I'm not as familiar with the east Arkansas market so don't know who else is lending over there. 

On the location comment, there are more folks than you might guess on here from Goshen... At least I've met 2-3 at the monthly meetups we run. If you'd like to come we are actually hosting at one of our flips next week. 

https://www.biggerpockets.com/forums/521/topics/697192-new-location-northwest-arkansas-meetup-at-fym-fliphouse

@Kirby Davis i honestly don’t know. I’m working with several investors right now that won’t move on a deal if it’s going to cash flow less than $250 per door per month. If a property works for them i forward it to the bank, everything sails through and i get a message a few weeks later that we’re cleared to close. The monthly cash flow is the only numbers these guys care about so I’ve stopped calculating cap rate, noi, etc on their deals. I’m fairly new at all of this and am still learning my way around.