ASK MIKE MONDAYS - What should I be aware of when applying for BANK financing?
/Not all Lenders are the same; some Banks are not real estate lenders.
Not all Lenders like Apartment loans
Not all Lenders like older properties that need to be rehabbed and repositioned
Not all Lenders like non-recourse loans; most will not even offer non-recourse loans
Not all Lenders will like the part of town that you want to invest in.
Not all Lenders will give you maximum leverage to acquire and rehab with your loan
Not all Lenders will amortize apartment loans greater than 15 years
Your large bank loan officer is not the decision maker; help him/her build a case for their credit committee to approve the loan. Loan officers are sales people and problem solvers, but they don’t have signing (approval) authority.