Memphis loan officer Tina Talarico discusses types of loans for commercial lending, investor loans, interest rates, and types of properties. Today we begin a 3-part series where we’ll be discussing types of loans for commercial lending, investor loans, interest rates, and types of properties. It’s gonna be very extensive, so if you’re interested in commercial lending, buying multiple properties or a single property, then this 3 part series will give you some insight as to what to look for.
Find out more about this real estate investing podcast episode at: https://epmrealestate.com/podcast/commercial-lending-investor-loans-interest-rates-types-of-properties
Contact Brett Bernard at (901) 692-7401 OR Tina Talarico at (901) 826-7218
[00:00:00] Brett Bernard:Welcome to behind the curtain podcast. My name is Brett Bernard and today in the studio with me is Tina Talarico, and we’re gonna be talking about types of loans for commercial lending, investor loans, and we’ll do other segments dealing with interest rates, types of properties. It’s gonna be very extensive, so if you’re interested in commercial lending and buying multiple properties or a single property then hopefully today’s segment will give you some insight as to what to look for. So today with me is Tina Talarico she’s with Capital City Mortgage. She’s a certified commercial loan officer. Hey, Tina, welcome. So tell me a little bit about yourself. I know you’ve been in this business a long time. We’ve known each other, I don’t know, few years.
[00:00:37] Tina Talarico: I have been, in the lending business for over 25 years, a little over 25 years. I started out as a residential loan officer years ago and I transitioned over into commercial.
[00:00:49] Brett Bernard: When you say commercial, you’re talking a broad commercial type of lending or are you specific to a certain type of.
[00:00:55] Tina Talarico: We do a broad type of lending in commercial. However, I specialize in residential cuz that’s what I know and that’s what I’ve done for so many years.
[00:01:03] Brett Bernard: So if I have an investor wants to buy a strip mall, y’all provide financing for that. But majority of which you do is single family, multi-family, rental real estate.
[00:01:13] Tina Talarico: Short term and long term. That’s that’s correct yes.
[00:01:14] Brett Bernard: Gotcha. So when it comes down to the lending, what I’m more interested in is the type of loans. I get calls every day from investors, current investors and new investors that have linked up with us that wanna start buying in Memphis and, they always have the same issue. Last year I had a ton of cash buyers, so I didn’t have a need for a lender connection. This year, now the interest rates are up and , you would think that it would be the worst time to buy real estate, I have a lot of investors that are buying, and they’re all putting loans out. Some are paying cash and refining, and we’ll get into that in a minute. So what kind of loans are available? I come to you as a new investor, I’ve never bought a rental property in my life. I have a good credit scoring some money in the bank and I want to buy a rental property tomorrow. What would your suggestion for me be? What would you recommend I do?
[00:02:03] Tina Talarico: Well, I would recommend you start out with one property and take a hold of it and manage it for a little bit. Get your feet wet first. And then from then on, I mean, you can qualify for as many properties as you wanna purchase regardless of your income. Because we don’t require tax returns. Everything we do is based on the performance of the property.
[00:02:25] Brett Bernard: And your credit score, obviously
[00:02:27] Tina Talarico: Credit credit but we do down to 620. So we do offer loans down to 620. Of course the terms are better when you’re over 700, however, we do loans down to 620. In some cases the loan to values a little bit less, uh, maybe 5% less. We offer 80% on single family, one to four u
