Location approval by lenders

1 Reply

Hi BP family,

I have recently got turned down with the first step of Location Approval by a lender. 

The properties were old Multiplex build in 1900 and been renovated recently. They were all fully occupied with decent rental income and close to downtown, away from the war zone.

Of course, it’s a warning sign that I shall be careful with these kind of properties if the banks did not like them.

I would appreciate if you guys out there can provide some different perspective or share some experience no matter as an investor or a lender. So I could learn more about choosing properties with lenders favor or say what kind of properties I shall avoid when it comes to lending?

Ask for their underwriting guidelines.  That's unusual, but maybe will give you some insight as to what they will lend on and what they won't.  

I am always open to all kinds of possibilities, but the price would have to be ultra fantastic I think for most people here to be interested in 100 year old plus, converted mutli-family in Cleveland.

Not to say there's not opportunity there....but that would not be on most people's list I think.

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