First time lender meeting

3 Replies

Hi all,

I am just starting my adventure into the real estate world, and as I search for lenders for a multifamily property I stumbled across a fortunate opportunity. A coworker of mine gave me the opportunity to meet with 2 vice presidents of a commercial division in a large bank to help educate me on lending options I will have available to me as my career progresses, and assist in getting me started. I am currently a college student.. leaving me with very little capital to leap into too large of a deal immediately. I am interested in starting with smaller (1-4) multis and transitioning to larger as things mature.

My question is how could I be most productive with this meeting? I have done a fair bit of research over the past couple of years, but also what to be respectful of their time as to preserve other opportunities. Any recommendations on how a small wannabe investor can make the most of this? Would greatly appreciate any input!

Step one, don't be impressed by anyone's title that does mortgages. Title inflation is fairly rampant. Back when I was a mortgage banker and switched to a new bank, the business cards they gave me said "area manager" on it. I asked how that came to pass, I was an LO as far as I was concerned, zero interest in 'managing' anyone or anything but my own stuff & my assistant. They pointed to a tree near my desk (it had branches on it...) and told me an area manager manages multiple "branches"... my ACTUAL branch manager had a title that was even more ridiculous. 

@Chris Mason :  LOL, I hadn't heard that one about being a "branch" manager.  Good stuff.

@Travis Duehr :  What Chris Mason said is true, bank titles do grow on trees.  That said it is always good to be respectful of other people's time.  One important thing to know going in is what you yourself want out of the conversation.  That way you'll have a better sense of steering the conversation in the right direction.  

Bankers love telling war stories of their deals and they often are only able to discuss them with other bankers because of how specialized the world of lending can be.  One angle you might pursue is to get them talking about their best or worst loans/closings and the trends they are seeing in their loans; bankers love trends.  That might build enough of a rapport for you to then lead into what you want to learn from them.  

Just a thought on one approach.  I'm sure you'll find one that works for you.  

Best of luck!

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@Chris Mason I did find it fishy that on the website for this branch they threw out 'vp of ...' like candy at a parade. This takes a bit of pressure off so thank you

@Kiley N. The trend approach seems like a good idea to get them rolling with recent knowledge that might be helpful, I'll add it to my notes!