Need advice-need a new commercial loan
How do we go about finding a new commercial loan without getting taken advantage of by sharks?

The commercial loan for my father's 16 unit apartment complex matures September 2017 and the current loan holding company will not renew.  Long story short my father has dementia and now an F credit rating.  We want to keep the apartment complex going because it helps pay for some of his care.  Not sure what to do.  We''ve been offered help but want to step carefully.  Thanks for any help.


[{"id": "d8seufm", "text": "My multifamily investment brokerage group has an internal capital group we work with. There fee is a small %, but they package the loan and send to multiple capital sources/banks to be offered on. They'd chat with you about your options if you're looking for help. Low credit rating doesn't matter as much as the financials of the property. I'm in Nashville, but they provide capital on projects across the country. Just send me a DM if you want more info. ", "replies": [], "depth": 1}, {"id": "d8sftwv", "text": "I have a national lender that can offer financing for such a property. Unfortunately the rate would be around 7% due to your father's credit.  Drop me a line if interested.", "replies": [], "depth": 1}, {"id": "d8t298g", "text": "I'd approach a local bank or credit union.  They oftentimes love deals like these. Try calling up the head of real estate lending and explain your circumstances. offer to add your signature to the loan if needed or provide additional collateral if you have it -- don't offer or do both - guarantee or collateral not both ", "replies": [], "depth": 1}, {"id": "d8t4pyc", "text": "Go to your local bank where you do business every day. That's your best bet. ", "replies": [], "depth": 1}, {"id": "d8tbuit", "text": "I think the biggest problem here is that the apartment building is being held by someone that is unable to enter into a contract. First thing would be to check on that, the next would be to obtain guardianship so that you or your mother will take over the financial decisions and can legally enter into a contract.  \n\nBeing a banker, I think approaching a small community bank once the particulars of guardianship are dealt with is the best bet. I would not use a brokerage as you will end up paying fees. However, I grant you the possibility that a good broker can help you put a good package together and walk you through the process. Multifamily financing is the bread and butter of most small financial institutions, they do this all the time. The only wrinkle here is your father's medical condition, so take care of the legalities on that end first.", "replies": [], "depth": 1}, {"id": "d8uh18s", "text": "Shouldn't he do a quitclaim to you - since with dementia someone can't sign contracts? ", "replies": [{"id": "d8z3dl2", "text": "if he can't sign contracts, how can he sign a deed? ", "replies": [{"id": "da6b7en", "text": "Lol good point...", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "d8vwyax", "text": "Why don't you sell it?  \n\nThat sounds like a way better solution than trying to get someone with dementia and shit credit some high rate loan.\n\nDoes he have equity here I hope?  If not you are about to run into another problem", "replies": [], "depth": 1}]