Reasons to Not Use an Out-of-Town Lender

·         Lack of understanding about Condo-tels

·         Lack of understanding of party walls

·         They are not as familiar with second homes and investment properties

·         They are not as familiar with 1031 exchanges

·         Often they use bait-and-switch tactics on interest rates and special loan programs

·         They tend to notify customers of problems at the last minute

·         They tend to use out-of-town appraisers who also do not understand our properties

·         Their business is not referral based so they are not held accountable by anyone locally

·         Based on our experience, the odds of a closing occurring on-time with an out-of-town lender are drastically lower.