Commercial Lender in Texas
Hey Guys!
We are planning to sell our property in Los Angeles and do a 1031 exchange for something in San Antonio, Tx. We may have to get two properties, one commercial (8-10units) and one 2-4 unit building. Was wondering if anyone has any knowledge they can share about lending practices in Texas for both commercial and non-commercial properties in comparison to Ca.
1. What fees can I expect?
2. What are the challenges of getting approved for a commercial loan
3.) Is it difficult to get approved for 2 separate buildings simultaneously for our 1031?
4.) Any great lenders that are highly competent, efficient, accessible, with reasonable prices you can refer?
5.) any other info on this process is welcomed!
Thank you!
Stephen
Are you talking about buying commercial retail or a 10 unit multifamily and then a 4 unit?
Multifamily is really compressed nationally and cap rates are low.
I do know a few commercial mortgage brokers in Texas that do well.
I have a deep network in Texas for properties but on the commercial retail side. Multifamily I do not usually touch anything under 10 million in price. Retail I will go down to about 2 million in price.
Originally posted by @Joel Owens:Are you talking about buying commercial retail or a 10 unit multifamily and then a 4 unit?
Multifamily is really compressed nationally and cap rates are low.
I do know a few commercial mortgage brokers in Texas that do well.
I have a deep network in Texas for properties but on the commercial retail side. Multifamily I do not usually touch anything under 10 million in price. Retail I will go down to about 2 million in price.
Thank you for the response @Joel Owens. Sorry I was referring to multifamily. At this time we are investing in properties on a much smaller scale than what you mentioned above. Hopefully we get there one day!
Cheers,
-Stephen
This company lends nationally for the most part on smaller multifamily.
Minimum loan size is I think 1 million or more.
https://arbor.com/small-loans/
If you are going smaller in loan size then will be difficult to get the loan. Not as many lenders competing for sub 1 million stuff and many will not touch under 3 million loan. You would need to check around with banks yourself or work with a capital markets broker who would work on the small stuff.
Most charge 1% of the loan balance funded paid at closing but have minimums so if if mortgage is 600,000 they charge 10k minimum to source the lender.
Mark Creason in here is based on Texas and does some smaller loans.
1. What fees can I expect?
Fees for 1031 can depend on how many buildings are you selling and buying and your choice of 1031 option.
2. What are the challenges of getting approved for a commercial loan
I had no challenge to obtain approval for a 1031. In the midst of one, and only challenge was not able to use series llc for acquisition property.
3.) Is it difficult to get approved for 2 separate buildings simultaneously for our 1031?
Not sure since mine is several independent buildings sales for exchange of one property containing 2 buildings.
4.) Any great lenders that are highly competent, efficient, accessible, with reasonable prices you can refer?
I used a broker and he worked well with finding reasonably good loan options.
5.) any other info on this process is welcomed!
I am open to a phone conversation as the process can have many what if scenerios.
Thank you for all the info Joanne! Can you provide your loan borker's contact info?
Thank you
Originally posted by @Joanne Szewc:
1. What fees can I expect?
Fees for 1031 can depend on how many buildings are you selling and buying and your choice of 1031 option.
2. What are the challenges of getting approved for a commercial loan
I had no challenge to obtain approval for a 1031. In the midst of one, and only challenge was not able to use series llc for acquisition property.
3.) Is it difficult to get approved for 2 separate buildings simultaneously for our 1031?
Not sure since mine is several independent buildings sales for exchange of one property containing 2 buildings.
4.) Any great lenders that are highly competent, efficient, accessible, with reasonable prices you can refer?
I used a broker and he worked well with finding reasonably good loan options.
5.) any other info on this process is welcomed!
I am open to a phone conversation as the process can have many what if scenerios.
@Stephen Phan - replied via PM on contact info.
@Stephen Phan if you're looking for a Freddie Mac SBL, I use Tony Talamas at Hunt Mortgage in Houston. Send me an email and I'll make an introduction for you
Originally posted by @Jason Hirko:
@Stephen Phan if you're looking for a Freddie Mac SBL, I use Tony Talamas at Hunt Mortgage in Houston. Send me an email and I'll make an introduction for you
Jason, I noticed you fund in Beaumont. Lets chat.
@Aaron Rowzee I cut my teeth in real estate in Beaumont. We do projects from Silsbee to Orange to Nederland!