Commercial Financing in STL

5 Replies

Hi All!

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!

Best!

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.

Good luck

Updated 3 months ago

Edit: This refers to the St. Louis Hills branch, on Murdoch St.

@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!

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