Not long ago one of our loan officers had a little $400,000 apartment loan that was far too clean to go hard money. It needed to be placed with a bank. Alert-alert – this is the perfect size and type of commercial deal to actually close and make a commission!
We entered the deal into C-Loans.com, but none of our C-Loans lenders wanted to do the deal. It was too small and in a rural area.
We next went to Yahoo Maps, plotted the property on a map, and then asked for nearby banks. Unfortunately none of the local banks wanted to do the deal.
You can easily find banks of the perfect size that are located close to the subject property by going to the FDIC’s website.
- Go to http://www.fdic.gov
- In the middle of the FDIC’s home page, left-justified, you will see a blue and gray banner that reads, Quick Search | Top Search | About FDIC.
- Click on the middle link, “Top Search”.
- Click on the link in the second column, “Bank Find”.
- About two-thirds of the way down the page, on the right, click on the button that reads, “More Search Options”.
- Fill in the “County” and “State” where the property is located.
- At the bottom of the search criteria, click “Find”.
- You will find potential banks listed in asset size order, the largest banks being listed first. Choose a bank of the appropriate size. Remember, banks are uncomfortable making commercial loans that are more 2.5% of their Total Assets (25% of their legal lending limit).
- If you cannot find the perfect bank in that county, expand your search to nearby counties.
This is wonderful tool you can use to find banks willing to fund your commercial loan.