Where to get a commercial loan for <$1mio for non-resident owner?

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Where to get a commercial loan for <$1mio for non-resident owner?

Linda B.
Bend, OR · Member since 2013 · 29 posts · 13 votes

We're trying to get a mortgage for our 2 multifamily buildings that are each around $750,000. We bought them with a private loan and they are held within an LLC. The tricky part is that I am a non-resident living outside of the US (so basically no ties to the US other than my 50% stake in these two properties). My partner on the other hand is a citizen.

Lenders seem to shy away from this scenario, because the <$1mio value of our properties doesn't seem to make it worth their time to deal with the non-resident issue... Any suggestions of which lenders might be willing to work with us, or anyone that has managed a similar situation? 

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  • Ryan Daigle
    Investor · Apex, NC · Member since 2018 · 253 posts · 215 votes
    6y

    Hi @Linda B. Usually banks and credit unions local to the property are your best bet for such loans, though I don't have experience with the non-resident aspect of your situation. Are you saying you've exhausted your local lenders?

    Is it an option to only have your resident partner be the only loan guarantor?

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  • Jared RineBusiness Member
    Lender · Sacramento, CA · Member since 2009 · 1k+ posts · 277 votes
    6y

    @Linda B..how many units are we talking among the 2 buildings? Where are they located? Is the LLC 50/50 between you and your partner? Are they fully stabilized? What are the terms on the private loan? If I'm reading correctly, you have ~$1.5MM in value. What's the balance on the private loan? PM if you can. Thanks,

    Jared Rine United Lending Partners53 Reviews
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  • Linda B.
    OP
    Bend, OR · Member since 2013 · 29 posts · 13 votes
    6y

    Thank you for the reply @Ryan Daigle ! We've contacted some local credit unions and just yesterday got one that sounds like they might be able to do something. Fingers crossed. 

    While small, local credit unions/ banks seem more flexible in a lot of aspects, they're also the ones that don't usually have much experience with foreigners (especially where we are investing, in Eastern Oregon). That's why I thought maybe someone here knows of some specialized lender or a bigger bank that has experience with this.  

    @Jared Rine sending PM now, thank you!

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