Keep in mind that lenders only make money if they close loans. So they will always want to talk to you, and they will always want to get you off the phone fast if you or the property do not qualify. They already know that most financing requests are not going to qualify for their loan programs so their first task when you call will be to disqualify you.
As a commercial mortgage banker, I have closed hundreds of apartment building loans over the past 24 years. When I get an inquiry from an investor looking for multifamily financing, I first ask them some questions to determine the quality of the property – its location, occupancy, income and physical condition. Next, I screen the borrower for cash, net worth, and experience. If it is a purchase, I always ask them how much cash they have to put down, and what their net worth and liquidity is. I’m not going to make a loan to them if they will be stone broke after closing.
