Refinancing 5-Plex - Work with RBC Branch in Small City where Property is? Or where Investor Lives?

[Neil1]

Hi,

My business partner has a 5-plex he wants to refinance with RBC.

(RBC is apparently the only bank still seeing 5-plex and 6-plexes as residential, not commercial)

He knows no one at RBC. Therefore, which banker to work with is flexible.

Should he try working with RBC branch in the small city where the property is?

Or RBC branch in the big city where he lives?

The property/small city is 5 hours away from the investor and has population of 100k.

The investor lives in a bigger city with population of 1 million.

The dilemma is - the small city branch will probably know the property and city better.

the big city branch might have better understanding/experience working with their underwriters(?)

Thanks,

Neil

 

[Cory Sperle]

I had a similar situation a while back, and I ended up going with the local credit union of that city/town. The interest rate was a bit higher but the terms and ease of financing made up for it, not to mention being a member of the CU gives you a nice profit share back on the borrowed cash! I had inquired to RBC about financing on a 6 plex as well and found that their financing was reasonable, and I would definitly go as close to where the property is located as possible.

 

[Neil1]

What about all the REIN members recommending the opposite? - work with a good broker/banker. He/she can even be in a different province. The relationship you have with them, their ability/experience and how professional they are is what counts, not where they are located.
Thanks,
Neil

 

[DonCampbell]

How did this re-fi turn out?

What path did he/she take?

We'd all like to know as a good learning experience for the REIN Community.