Private Lending & Conventional Mortgage Advice

User Stats

127
Posts
39
Votes
Alex Olmo
  • Specialist
  • Orlando, FL
39
Votes |
127
Posts

User Stats

1,018
Posts
325
Votes
Adrian Smude
  • Rental Property Investor
  • Plant City, FL
325
Votes |
1,018
Posts
Adrian Smude
  • Rental Property Investor
  • Plant City, FL
Replied Sep 17 2019, 02:47

@Alex Olmo What part of central FL?  Orlando where you're at or Polk County?  

User Stats

207
Posts
125
Votes
Shawn G.
  • Rental Property Investor
  • Orlando, FL
125
Votes |
207
Posts
Shawn G.
  • Rental Property Investor
  • Orlando, FL
Replied Sep 17 2019, 05:05

@Alex Olmo CenterState Bank & Fairwinds Credit Union seem to like those types of projects.

User Stats

127
Posts
39
Votes
Alex Olmo
  • Specialist
  • Orlando, FL
39
Votes |
127
Posts
Alex Olmo
  • Specialist
  • Orlando, FL
Replied Sep 17 2019, 07:05

@Adrian Smude

I’m located in Orlando, the MF property is located in Lakeland.

User Stats

127
Posts
39
Votes
Alex Olmo
  • Specialist
  • Orlando, FL
39
Votes |
127
Posts
Alex Olmo
  • Specialist
  • Orlando, FL
Replied Sep 17 2019, 07:07

@Shawn G. We’ve tried CenterState & fair winds. Both would only loan on total cost to renovate, not market value

User Stats

51
Posts
37
Votes
Christian Paez
  • Rental Property Investor
  • Lakeland, FL
37
Votes |
51
Posts
Christian Paez
  • Rental Property Investor
  • Lakeland, FL
Replied Sep 18 2019, 02:35

@Alex Olmo try Wesley Joyner at Pilot Bank in Lakeland, they do commercial loans, but you will have to have had the property for at least 6 months and they will do market value, just be aware that processing these types of loans take longer than your traditional residential loan, they are also investment friendly, they know how to deal with Land Trusts and Partnerships.

User Stats

127
Posts
39
Votes
Alex Olmo
  • Specialist
  • Orlando, FL
39
Votes |
127
Posts
Alex Olmo
  • Specialist
  • Orlando, FL
Replied Sep 18 2019, 02:43

@Christian Paez thank you!