Houston Commercial lending/community banks. Which do you use?

Question

Hey Guys, I currently have to commercial deals under contract. A retail strip center and a multifamily complex in Houston. Luckily I got one owner financed. The multifamily I shopped around a few community banks. I talked to prosperity bank, Texas first, city bank and independence bank. What are you recommenced lenders and terms? Here’s what I’m looking at:

20% LTV

5.5% interest

25 year amortization

1 year I/O

5 year term

Thoughts? Thanks!!!

20% LTV

5.5% interest

25 year amortization

1 year I/O

5 year term

Thoughts? Thanks!!!

Charley C. · Answer

@Mike Elaridi I am more of a multi family spec builder but while looking for myself a loan I met some possibilities, My general rule is the smaller the bank or CU the better

If these properties have self supporting incomes, then these are good names:

Spirit of Texas   Daniel Wolfson

Prosperity bank (depends on the local as to who you call)

5 point was looking,when I asked them 2.5 years ago

Allegiance, Monica Hill (that was a few years ago)

also Brenham National Bank, very competitive, if the deal fits them, that's my first choice

I know FFB has been looking, never got a chance to apply there but like them

I would ask any credit union near the location of the property, can't pass that up, do that first

Still not finding what you want? PM me more details about your scenario then I can help target a more fruitful fit for what you are looking for. Some of these lenders have lending limits, time frames, geographical lines, stuff like that

Cody L. · Answer

Origin Bank (Ryan S.)

Green Bank / Veritex (Sharlene H. -- or Sharlene B. depending on if she's still using her maiden name)Happy to make a warm intro but would need to know more about the deals.  Good luck.

Shahriar Khan · Answer

@Mike Elaridi i have used TDECU and have been working with Meagan Holloway within their commercial loan segment . Feel free to mention me as well. She has been very easy and good to work with. Best thing about them is that they make in house investment decision very quickly . Typically 1 pt , market rate , 20/25 yrs amm and depending on the property make get 1-2 yrs interested only ...

Cassandra Sampson · Answer

Mike,

I'm a commercial mortgage broker and have relationships with lenders in TX. %.5% is too high in today's market.

PM me and we can have a chat about the property and ideas on how to finance it.

Thanks,

Cassandra

Ronald Rohde · Answer

Are you personally guaranteeing? I would review the terms of financing to be sure you can have some burn off which will allow you to keep growing.

Mike Elaridi · Answer

Thanks Charley for the specific contacts and insight. Much appreciated!

Mike Elaridi · Answer

@Shahriar Khan

Thanks Shahriar I’ll check them out! I’ve only ever used credit unions to finance my cars because of their low rate. Had no idea they would be good for real estate :)

Mike Elaridi · Answer

@Cody L.

Thanks Cody! Appreciate those referrals.

Herndon Davis · Answer

What's your mid FICO score?  What's the amount you're looking to get financed? What's the vacancy rate?What's your projected NOI?

Mike Elaridi · Answer

@Mike Elaridi

Currently have two commercial deals**

Houston Commercial lending/community banks. Which do you use?

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