Hello Team BP.
First of all I want to thank everyone who contributes to this forum. I have not found another site that celebrates, supports and encourages the members to this degree. This is where I go to reinforce how good people can be!
We have been working with some amazing local banks (Pioneer Trust, Willamette Valley Bank, Maps credit union) (do not tell any one about these great banks- I do not want them to get so busy they forget me) I am fortunate to have some great new build projects coming up and are exhausting my immediate access to capital. (These banks are great resources for commercial loans- PM if you want the contacts)
I know there are some big banks out there- but I am just a tiny number in a big spreadsheet. A number that can be deleted if I do not meet their calculations or if the formula changes:(
Looking for construction friendly Banks/Credit Unions with an appetite for new construction with apartments (18-60 doors) and mixed used (retail on the bottom/Apartments up top). We also have a few micro warehouse projects on our board (1-3 acre small unit flex spaces).
Ultimately it is about relationships that take time to build but every relationship starts with a single conversation.
If any of you have some contacts that are looking for a solid client (me), feel free to share.
Here are some of the local chartered banks I am looking at and the next list is the credit unions.
Here is a ugly link to a info on Oregon Credit Unions and Banks (a bit of a jumble-sorry) Download or augment it if you can.
Hoping for success for all those willing to try to build a better anything!
Clutch Industries and others:)
Hey @Chris Blackburn , my friend Ben Looney at Growth Commercial Capital is local and would love to work with you. Definitely worth giving him a call.
Construction funding is getting harder. If you have the time/money, how about a HUD 223 loan? They'll do the cheapest const and then perm financing rates. Just takes time and an atty. You can do it on market-rate stuff.
Otherwise, know a couple of mort brokers (one in Salem) that'd be worth a call.
Thank you! Currently working with Willamette Valley Bank in Salem Oregon (Troy Willis is the commercial banker)
We are doing a Bridge to HUD loan on construction. It is much nicer than a full 223 with the rule change of being able to go to hud 90 days (Not 3 years) after 85% occupancy stabilization. We are building to HUD standards now so we do not have any issues with design review when we engage. (note- this is still HUD, so it takes a long time. This will allow us to get to a 35 year loan term in the 3%-4% range. On our 42 unit new build project- the savings are substantial! Steve- Who is the Broker in Salem you would recommend?
Originally posted by @Chris Blackburn :
Steve- Who is the Broker in Salem you would recommend?
Ken McBride - Mc Bride Capital. He does HUD loans also and not too many mort brokers can say that.
Hope I don't get in trouble for posting contact info.