Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago on . Most recent reply

User Stats

46
Posts
17
Votes
Sean Tippens
  • Rental Property Investor
  • Midland, TX
17
Votes |
46
Posts

Loan request for rehab.....then referred for a commercial loan???

Sean Tippens
  • Rental Property Investor
  • Midland, TX
Posted

We are really new to the process of getting loans for our projects. We have used our personal savings up to this point, but need a loan to finish a rehab on our latest property. We initially tried our local credit union, but the max they would lend for their branch was 13k. So I went to our local back for the loan. After processing for a few days, they called back saying that it would need to be referred to a commercial lender. I told them it was for a rehab, but they didn’t ask for any other details. Does this seem right? What should I be asking questions about?

Most Popular Reply

User Stats

2,666
Posts
1,419
Votes
Tom S.
  • Real Estate Investor
  • Burlington, VT
1,419
Votes |
2,666
Posts
Tom S.
  • Real Estate Investor
  • Burlington, VT
Replied

@Sean Tippens  Yes, definitely commercial then.

Loading replies...