We're buying apartments in Tucson and have been in contact with the following lenders:
George Seeley - Priority Lending
Mark Creason - Falkirk Capital
Lindsay Spjut - First Foundation Bank
I have not worked with any of them outside of introductory conversations, but they have all indicated a willingness to lend once we find the right asset. Please do let us know if you come across any other lenders there!
We're buying apartments in Tucson and have been in contact with the following lenders:
George Seeley - Priority Lending
Mark Creason - Falkirk Capital
Lindsay Spjut - First Foundation Bank
I have not worked with any of them outside of introductory conversations, but they have all indicated a willingness to lend once we find the right asset. Please do let us know if you come across any other lenders there!
Here's what I've found based on my research today:
*Ken Krapf - Bank of Tucson (I spoke to him and they are excited about lending to investors in the Tucson market. Note: they want you to have more business with them other than just a loan. For example, they like you to have an amount equivalent of 5% of your loan amount invested elsewhere with the bank)
*Armando Coronado - Vantage West Credit Union (Spoke to him as well and seemed interested in lending on the deal)
*Justin Martinez - National Bank (Have not yet spoken with him but he came recommended)
*Georgia Velarde - Washington Federal (Have not yet spoken with her but she came recommended)
Christina LaBorde Hi Christina, does it have to be a bank? Any A-Z licensed lender can easily accommodate you. Nili Yosef Nili, try WF or BofA for HELOC vs LOC.
@Ari T. No it doesn't have to be. I'm already looking into a few other lenders but was told that I may want to also look into local Tucson banks since they may end up providing the most competitive quotes. Since I didn't know of any, I posted the question here.
Just updating that at least as far as an equity line of credit Wells Fargo are offering no origination fee until end of June (it's 1%). I'm not sure if thats the same for loans and refi but thought you would like to check it out.
@Christina L. Hi there! Not sure how large of multi-family but I recently worked with Dan Yribar at Prime Lending and loved the experience on a 4-plex.
@Kristie Eddy thanks for the recommendation! It's a 55 unit deal and it looks like I may have the loan lined up now but I will definitely add Dan to my list of lenders. Appreciate it.
Hey @Christina L. were you able to close on the deal yet? Whats the status? I'm also looking for some multi-families there for a group of investors. Is this the first property in Tucson you are trying to acquire or do you have others? What are your thoughts on the current market there after your research?
Thanks to everyone contributing to this post it really will come in handy if we need to lock down some local lending.
@Ben Tilbury we're still in escrow and had to request an extension on the COE. Reason being, we had a lender ready to go at a rate of 3.9% but they backed out after they realized the properties are non contiguous. This 55 unit deal is spread across four properties that are very close to each other on the same street, but not all are contiguous. Several other banks declined to quote for the same reason. This has been a learning experience for me. We ended up finding others that are fine with the properties being non contiguous and right now we're working with a bank who likes the deal and quoted a rate of 4.02%.
My partners and I own a 13 unit in Tucson that just so happens to be next to one of the four properties we're buying. We're currently in the process of repositioning it and as soon as units become available, we fill them very quickly. The 55 deal we are buying has been owed by the same owner for 25 years, they have excellent records and great trailing data. It's also 100% occupied with some room to push rents so based on all the factors we decided to buy it. I should mention that these are definitely C class properties in a C class area.
As for the rest of Tucson, I'm slowly familiarizing myself with the market so I don't have much insight for you at this point. However, if you research the Tucson economic forecast, it looks good from what I'm finding.