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Do you finance a commercial building with an out of state owner?

by Donald Morin from , Ohio. Feb 9th 2012 Reply


Crestico Funding (CresticoFunding)
#313 ranked lender in California - 339 contributions

Hello Donald,What state is the property located at?

Feb 10th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Not a problem... your best resource for finding a commercial lender is www.scotsmanguide.com.. WilliamAcres.com

Feb 9th 2012
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Steve Lachey (stevelachey)
#34 ranked lender in Ohio - 4 contributions

Yes

Feb 9th 2012
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Joe Becker (joe@beck5financial.com)
#30 ranked lender in Ohio - 5 contributions

It is sometimes a more difficult search for financing than you would originally think. Many commercial banks in your area will have an internal lending policy that addresses just this situation, and they are often not interested in out of town owners, even if there is a good management team for the property in place.You will probably find better responses to the specific issue of out of town owners through the capital markets. You should use a commercial broker to find sources for you through these capital markets. The capital market sources should have already been "vetted" by the broker because of his/her experience, and the lender responses are fairly quick. Most individuals will not have the time or resolve to canvas the broad lending market as quickly and efficiently as the commercial broker will. If you have used a good commercial broker, (one that will give you references), you will find that the fee you pay for the service is usually very cost effective.Joe@beck5financial.com330-397-5211

Feb 9th 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 796 contributions

Commercial lenders go by different guidelines than residential, so where you live doesn't directly effect the loan for the most part, unless its owner occupied commercial building, then it would be a rather tuff sell...

Feb 10th 2012
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