Posted by Tony Colella on May 23, 2006 at 10:53:18:
This cannot be repeated enough. Small, local banks are the most flexible lenders to work with. Most first encounters with bankers for investment financing results in a “no” but you have to keep asking.
You will find someone to lend on this deal but it may take some tough skin until you do find them. However once you do, life gets much, much easier from there on out when it comes to financing.
Bankers are no different than we are when we do lonnie deals or rent homes. If we have someone that pays on time every month we are much more willing to work with them.
Part of getting the funding is in the presentation you make to the lender. We have an entire chapter devoted to working with lenders in our land/home book. Combine that with the section on how we determine value and the banks have the info they need to make the right decision.
Tony