Updated almost 8 years ago on . Most recent reply
Looking for lender for commercial loan for a duplex
Hello,
I am out of state investor investing in Atlanta metro. I found a duplex in Gainesville for which my offer is accepted and due diligence have been completed. I am buying the property under an LLC so I have to get a commercial loan. Can someone recommend a local bank or lender who would lend to an out of state investor for loan amount of around $135K? I am working with brokers but the rates and costs are through the roof.
Appreciate the help in advance.
Most Popular Reply
Rather than look for a lender local to the property, speak with lenders close to you. For commercial loans, especially in the price range you're looking at, local banks are looking to lend to people they "know" or can vet locally, which may be tough for an out-of state investor.