On today’s episode, we are joined by returning guest, Rahul Patel, who is both an expert attorney and investor, to talk about lenders. Not all lenders are the same, so Rahul talks about the different types of lenders, what to look for when choosing one and various other key aspects related to picking a lender.
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There will never be a lender to fit all your needs on every deal, so Rahul does not give a definitive answer as to which lender is better than another. Rather, he provides a blueprint and some guidelines of things to look out for when making the decision about who to enter into debt with. This decision should not be taken lightly because the relationship lasts for the duration of the deal, which can often be several years. Like all parts of syndication, finding a lender is about building a relationship, which is why it is key to build as many strong relationships with different types of lenders as early as you can. If you can manage to do this, you will be in good stead. Rahul also provides a host of other incredibly valuable insights related to lenders. For all this and more, join us today!
Key Points From This Episode:
- Most deals have strong debt components, so picking the appropriate lender is crucial
- The three big steps to take when looking for a lender.
- Four of the main spaces people are getting money for multi-family deals from.
- Some details about conventional lending and its benefits.
- Local banks are often overlooked, but they are great places to start for multiple reasons.
- What determines when to look at a local bank as opposed to a larger one or credit union.
- How Rahul built a relationship with his local bank to finance his building.
- What small lenders can do to stand out from the crowd.
- Why it is important to build relationships with a variety of lenders as soon as possible.
- Let lenders know the reasons you have decided not to use them.
- If shopping between lenders, transparency is key in order to maintain good relations.
- Structure, terms, and searches are all important to keep in mind when entering into a deal.
- How to access and build relationships with family offices.
- Some of the benefits and conditions that come with non-recourse debt, if you can access it.
[bctt tweet=”Really make sure you feel good about what you are doing. — @rpatelhool” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Rahul Patel
As Managing Partner of the fifth fastest growing law firm in the nation, Patel Gaines, Rahul B. Patel has a flair for delivering simplicity and superior client service. Over the last decade, he has developed a reputation for his innovative approach to commercial real estate and property tax litigation, where he currently represents over $8.5 billion in commercial property. Not only does Rahul lead the Patel Gaines team, but he is also a certified NBA Agent, a guest speaker for multiple organizations, and Professor of Hospitality Law at the University of Houston. Rahul was named the San Antonio Business Journal’s 40 Under 40 Man of the Year as well as a Top 100 Influencer in Law nationally. He has also been featured in USA Today, Forbes, Fortune, BusinessWeek, Texas Lawyer and many more. Patel Gaines has received numerous accolades, including being named a Best Place to Work by the San Antonio Business Journal on multiple occasions.
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