All Forum Posts by: Joseph B.
Joseph B. has started 1 posts and replied 1 times.
Post: Commercial RE - Finding a Lender or Commercial Property First?
- Posts 1
- Votes 1
I'm trying to purchase my first commercial multifamily property and I realize that the loan process is quite different than the loan process for residential properties. I have read over and over again that the first step in this search is to start talking to lenders and building those relationships. However, I'm not even sure what state I will purchase the property in which is always the first question that a lender asks.
1. Should I be reaching out to real estate agents first and once I have a property in mind, then try to see if they have a lender that they recommend?
2. Any recommendations on a website that I can use to get a good idea on whether I'll be approved for a property or not?
3. When searching for a lender, will I have to pay just to get an idea of what their rates/terms will be given my circumstances? If so, is it similar to the costs of getting pre approved for a residential mortgage or is it much more?
4. Finally, is it best to get a lender in the state of the property or in my home state (CA)?
Thank you all.