Left the engineering profession about a year ago and so I have no w2 but a lot of equity in the MF I purchased in South City a couple years ago. Did my research here and found that commercial financing may be the best option. Does anyone know a reputable commercial financing lender that they would recommend?
Thanks in Advance STL Bigger Pockets family!
Kendra, try Dalton Hewitt with Carrollton Bank. He and his colleagues are working a very nice deal for me on a 4 plex. They had to get a little creative, but they are getting the job done. Tried to post his number but got flagged...oops.
Updated about 1 year ago
Edit: This refers to the St. Louis Hills branch, on Murdoch St.
Thanks, Michael. Just seeing. Appreciate the referral!
@Michael King congrats on your 4 plex acquisition. Is this the first time you working with this bank? Do you mind sharing the what creative finance they are working out for you? I am looking to build some more relations with local banks so i can grab more properties.. Thanks again
@Andre Taylor Sure thing. I have 10% down, everyone wants to see 20% PLUS 4% of all outstanding mortgage balances. Which means I would need $90K cash to get the loan for a $320K property.
What is happening is I am getting a line of credit against one of the properties I own free and clear and using that to get the 20% down. And I don't need the 4%.
I'd give Dalton a call, he will help you if he can find a way. Good luck.
@Andre Taylor I forgot to mention Andre, that I only need another $35K with this bank, so there's $20K I don't have to raise, and the line of credit will be a lot more available should I need it (nice to keep in the back pocket for the next deal), and the interest rate is going to be around 5%.
Beats a hard money lender for sure!