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New Jersey Real Estate Q&A Discussion Forum

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Mike A.
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Commercial LLC lenders (banks, not hard money)

Mike A.
Posted Feb 26 2020, 08:36

I am 1031'ing into a 6 unit building in Bayonne, however, my bank currently doesn't offer commercial mortgages in New Jersey. Can anyone recommend a commercial lender for the Bayonne and Jersey City area? The loan would have to be in an LLC, not personal.

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Joseph Firmin
  • Rental Property Investor
  • Smyrna, GA
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Joseph Firmin
  • Rental Property Investor
  • Smyrna, GA
Replied Feb 26 2020, 12:39

I can recommend LimaOne. You may want to reach out to a broker as well like Meridian Capital.

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Anthony Jeffers
  • Jersey City, NJ
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Anthony Jeffers
  • Jersey City, NJ
Replied Feb 26 2020, 13:24

I work with an investor that has purchased 6 properties over the last 5 years in Jersey City, all in LLC's using Provident Bank.

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Mike A.
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Mike A.
Replied Feb 26 2020, 19:26
Originally posted by @Anthony Jeffers:

I work with an investor that has purchased 6 properties over the last 5 years in Jersey City, all in LLC's using Provident Bank.

 Thank you, I will reach out. I have no problems releasing tax returns or a PFS, so I wasn't looking for a private lender.

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Vaughn Smith
  • Investor
  • New Jersey
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Vaughn Smith
  • Investor
  • New Jersey
Replied Mar 4 2020, 09:41

@Mike A. try elite 1031 they are very good, also M&T bank does a good deal of commercial business they are very responsive and easy to deal with, if you want my contacts info at M&T let me know, I'll send it on over

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Dalwin Garcia
  • Rental Property Investor
  • Lyndhurst, NJ
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Dalwin Garcia
  • Rental Property Investor
  • Lyndhurst, NJ
Replied Mar 6 2020, 16:06

@Mike A. Try Ponce Bank. I use to be a Development Manager there before doing RE full time. I'd be more than happy to connect you with my contacts there. They are located throughout NYC, but I worked out of the Union City branch, NJ branch.

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Dave Anstatt
  • Real Estate Investor
  • Maplewood, NJ
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Dave Anstatt
  • Real Estate Investor
  • Maplewood, NJ
Replied Mar 7 2020, 05:06

I’ve used Glen Rock Savings Bank to refinance some of my mixed use properties in East Orange and Newark.  Very Responsive and a pleasure to work with.  Dave Zurheide is the VP Commercial Lending. PM me and I’ll share his contact info.  I also have used Valley Bank and  Bogotá savings Bank.  Let me know if I can be of any further help.

Account Closed
  • Investor
  • New York City, NY
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Account Closed
  • Investor
  • New York City, NY
Replied Mar 13 2020, 11:45

What loan size are you looking for? That will also dictate the type of lenders that would be best suited for this deal.