MB316: Financing Multifamily Through a Credit Union – With Mark Ritter
If you finance a multifamily syndication through Fannie Mae or Freddie Mac, you’re securing non-recourse debt with a fixed interest rate. But if you want to exit anytime sooner than the loan expiration date, you're going to pay a BIG penalty on the back end. So, how might we leverage credit unions to avoid these big-ticket prepayment penalties? Are there other benefits to financing real estate deals through a credit union? What’s the downside? Mark Ritter is CEO of Member Business Financial Services or MBFS, a business lending credit service organization owned by credit unions for credit unions and their members. An expert in credit unions and business lending, Mark is dedicated to helping commercial real estate investors secure the financing they need. On this episode of Financial Freedom with Real Estate Investing, Mark joins cohost Garrett Lynch and me to explore the pros and cons of financing multifamily through a credit union versus traditional loans. Mark describes the credit union philosophy of people helping people, discussing how real estate investors benefit from having a personal relationship with our lender. Listen in for Mark’s advice on how to approach a credit union for a loan and learn about the flexible terms and low cost of capital available if you finance your next deal through an organization like MBFS! For full episode show notes visit: http://www.themichaelblank.com/session316/