Hi BP Community,
I'm an experienced multifamily investor with properties in the Cincinnati area currently looking to expand in Cincinnati or Columbus. Would be great to meet commercial brokers and lenders in the Cincinnati and Columbus areas that work with multifamily, office, or retail properties. Would be a plus if you have experience with out of state investors and also invest as well. Any connections or recommendations are appreciated.
I'll shoot you a pm.
Wells Fargo will lend on out-of-state investment properties, but if you're looking for a local lender, try getting in touch with Ed Cunningham from Cincinnati Federal. They do require that someone local is on the loan, though. (And I've noticed most other local lenders require the same.) Do you have a partner/boots on the ground in Cincinnati? Pro tip: get a phone number with a local zip code, to make a first impression that you're local, so they'll at least talk to you.
Anyway I'm in the same boat, following this thread!
If you work with a lender with some of the big banks who have branches both in your area as well as the area you are investing in they are more willing to lend to you. US Bank, Fifth Third, PNC, Chase are some that come to mind. I have contacts with US Bank, Fifth Third and PNC if you need. The law firm I work with works with a number of commercial brokers and depending on what you are looking for I may be able to connect you.
@Aliz Rao - Aliz - thanks for the tip ! Do you happen to have the contact email or phone for Ed Cunningham and have you worked with him before or have experience partnering with someone on the ground? Happy to also share Cincy investing experiences if you are already invested in commercial or looking to.
@Paul Sian - Hi Paul - fantastic tip, and we've been able to go that route with US Bank on one deal and looking to expand our lender network. Would be great to get your contact at US Bank, Fifth Third, and PNC if you have it and if they work with out of state investors. Also happy to speak with commercial brokers you may know. Will PM you.
Luckily my husband has family in Cincinnati, so we are considering that route and partnering with them, although it would simplify things if we got our own loan and will most likely go with the big banks in the end, as the interest rate ranges they've quoted are very close. We're currently looking for our first Cincinnati property, so no, I haven't worked with Ed yet, just building out my team ahead of time.
Thanks, Paul, for the tips on the other banks! I've tried contacting Chase but they don't have branches there, so they weren't an option. I will try the others!
@Aliz Rao not sure when you contacted Chase but there are a number of Chase branches here in Cincinnati.
@Aliz Rao - We've had success with Wells Fargo and US Bank. Happy to pass on contact info if that helps.
Similar to Wakefield, I am also out of state (TX) and interested in finding lending in my business name on SFR's.
@Wakefield Li - My partner and I are currently under contract for our first multi family in Cincinnati. We already have a couple in Dayton. We are looking for lenders other than US Bank who did our other multifamily in Dayton. Would you mind sharing your contacts? Also, It looks like we are both in LA. We should grab coffee.
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