Posted by Jimmy on November 09, 2009 at 08:05:17:
In Reply to: Re: If your in Texas posted by Mike on November 05, 2009 at 12:13:27:
I work with a small bank in east TX. They have been aggressively pursuing real estate investor business, and have been grabbing the better clients from many competitor banks in the area (i.e., the local branches of national banks.
the out-of-state thing is not an issue.
they will look closely at YOU. if your credit/financials and investment history are strong, they'll take a look at your project.
the DP all depends on the situation.
They did a cross-collateralized blanket for me in March at 6.5%, 6 months interest-only...15 year am. they charged a point, but that was the only negative.
My previous lender was a regional business bank (I loved them then), which was acquired by a national bank a couple years ago. That's when everythig changed---and not for the better.
Remember this: commercial lending is not governed by strict underwriting rules from Fannie or Freddie. and a small business banker can do things for you that a bigger bank wouldn't consider.
if you want a referral, ping me at cohiba35@aol.com. (I don't put my real email address on the e-mail box above, because of the spam that comes pouring forth. )
good luck.