Looking for smaller bank referrals for commercial lending

Indianapolis, Indiana
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Looking for smaller bank referrals for commercial lending

Richard Olshove
Rental Property Investor · Rowland Heights, CA · Member since 2015 · 73 posts · 22 votes

Hey BPs, I will be at my 10 loans early this next year and am looking for referrals to smaller banks for some commercial lending for purchases in Indy.  Recourse or non-recourse is both good but would need to be ok with more than 10 loans on the books already.  Any referrals you can provide would be appreciated.

I greatly prefer to support the local economy where I am investing so local banks is definitely a preference to build the relationships up.

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  • Bryan Richardson
    Rental Property Investor · Indianapolis, IN · Member since 2018 · 189 posts · 141 votes
    6y

    @Richard Olshove

    I have been on the hunt for the last week. If your house is worth more the 75k, you shouldn't have a problem. At the moment I'm trying to get a cash out refi for a house worth 45k. I am struggling!

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  • Richard Olshove
    OP
    Rental Property Investor · Rowland Heights, CA · Member since 2015 · 73 posts · 22 votes
    6y

    @Bryan Richardson Yes I am going after class A properties around $170-190K for purchases.  I hope to get some leads soon!  Have you run across any that you think I should reach out to?

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  • Bryan Richardson
    Rental Property Investor · Indianapolis, IN · Member since 2018 · 189 posts · 141 votes
    6y

    @Richard Olshove

    Honestly, you should have a easy time find a loan. I've called about 20 places now. Out of those I would say 75% said they would have no problem leading as long as the house was over 100k.

    Is the house in your name or a llc? Some banks have a problem with a business entity.

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  • Richard Olshove
    OP
    Rental Property Investor · Rowland Heights, CA · Member since 2015 · 73 posts · 22 votes
    6y

    @Bryan Richardson I will be purchasing in my name but for true commercial money I dont think it would make a difference since I would be above the 10 loan limit and hence not compliant for Frannie/Freddie guidelines.  

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  • David PierceBusiness Member
    Property Manager · Deland, FL · Member since 2019 · 71 posts · 28 votes
    6y
    I know of a lender that is outside of Frannie/Freddie. They work in about 35 states. 30 year loans. Good rates.
    PMI Central Florida4.468 Reviews
    WebsiteView Page
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