Looking for Financing in WI

12 Replies

The real estate plan is working, I have been holding a couple of apartment buildings in southeastern Wisconsin for 7 years and they have appreciated in value. I am ready to do a cash out refinance and keep investing. Three related questions:

1) Who should I approach for the refinance (2 buildings - 36 units) in southeastern Wisconsin, some names I have seen in past forum posts are TriCity, US Bank, Summit Credit Union, Landmark Credit Union and Waterstone Bank, but I don't have any names of anyone I should contact in these places.  I am in the Milwaukee area and properties are in the Janesville area.

2) Would these be the same institutions to use for new acquisitions? (same general geographic area)

3) Would anyone recommend a mortgage broker instead of going one by one through these various financial institutions?

Thank you so much for your help.

- Henry 

Wisconsin bank and trust and waukesha state bank are two that I like. I also have a contact at tricity. Send me a message if interested, I try not to put contact info out there publicly.

I would likely see as you shop for refi rates what they can offer for new acquisitions. In commercial the more business you can bring the more negotiating power you got. It's probably not worth working through a commercial broker for these.

Mortgage Brokers tend to be expensive, I recommend building relationships with Local Commercial Banks, In Milwaukee Check with Peoples State Bank, I work with them up north, but they have a branch in Milwaukee, and they are very Commercial Focused, especially Small Commercial, like you described. 

Rates will depend on your PFS, Personal Credit Score, Income, Experience, and LTV, the Lower the risk, the lower the rate. Expect Prime +.5-3% depending on your specifics, thats the thing about Commercial financing, its the banks money, so its not standardized like FNMA. Acquisition vs Refi sould be the same if the LTV and condition are the same. but there are a lot of variables.


I work in Janesville as a manager. Most of, if not all, of my clients us Cassie Everhart at Wisconsin River Bank, or Dave Peterson at Blackhawk Community Credit Union. Either one of these options are great. Otherwise, Ryan Smith at Guild Mortgage has been great to all of our clients, and he offers a 24/7 on call service. Feel free to reach out and I would be happy to help with any portion of the process and I work with all of these lenders on a consistent basis. 

@Henry Reyes I've looked at a few larger multifamily deals in Milwaukee, Racine, & Madison areas; acting as a Commercial Mortgage broker. Most Brokers will charge +/- 1% of the loan amount, depending on your relationship and the difficulty of the deal. They should always negotiate with the lender to lower their origination fee to accommodate the broker's fee.

For a stabilized fixed-rate refi, start with Fannie/Freddie.  In addition, here are some other groups I've used:

Old National Bank
Johnson Bank
First Citizens State Bank
Community Bank & Trust
First Business Bank
Wisconsin Community Bank
Bank Mutual / Associated Bank
Park Bank

I've worked with a few of those banks and they were good.  I'd consult with a broker and see what terms they can offer.  Reach out to a few local banks in the meantime.  Then make them compete against each other to give you the best rate.  The good thing about your instance is your not on at time limit to get the refinance done. 

Thank you everyone who has replied, 

I forgot to ask the most important question of all.  Since this is my first time refinancing, what other things should I be thinking about?, what other questions should I be asking?   I am an avid reader, are there any books I should read to be familiar with the terms and options available to me?  Those of you who have done this before, do you have any other advice?