Build a Better Lender List for Your Next Deal
While you no doubt have a handful of go-to lenders, building a better list can be a significant competitive advantage.
- The Four Categories Every Lender List Needs
- 1. Primary Sources
- 2. Geographic Specialists
- 3. Product Specialists
- 4. Backup Options
- Geographic Mapping: Why Location Trumps Everything
- Deal Size and Asset Type Matching
- Timing Your Lender Outreach Strategy
- Maintaining and Updating Your List
- Building Your Network Strategically
- Get Financing
Most experienced multifamily investors have a handful of lenders they call first. It's comfortable, predictable, and often gets deals done. But here's what you might be missing: better terms, faster execution, or financing for deals your usual suspects would pass on entirely.
The cost of limiting your options goes beyond just missing out on lower rates. Being able to access diverse financing sources can mean the difference between winning deals and watching them go to investors with better, strong, and faster lender networks.
Building a strategic lender list isn't about collecting business cards at conferences. Not anymore (if it ever really was). It's about understanding which lenders are actually hungry for your type of deals and can execute when you need them to.
The Four Categories Every Lender List Needs
1. Primary Sources
These are your established relationships — lenders who know your track record and can move quickly on straightforward deals. They should represent different product types: at least one community or regional bank, one agency lender contact, and one alternative source, depending on your portfolio composition.
2. Geographic Specialists
Every market has lenders who dominate local multifamily lending. They understand area nuances, have existing relationships with local professionals, and often offer competitive terms for deals in their backyard.
3. Product Specialists
Different deal types require different expertise. Bridge lenders for quick closings and complex situations. Agency specialists for long-term, low-leverage deals. Construction lenders for ground-up development. Debt funds for deals that don't fit traditional boxes.
4. Backup Options
These are lenders you might not use regularly but who can step in when your primary sources can't execute. Having pre-qualified backup options prevents last-minute scrambling when deals don't go according to plan.
Geographic Mapping: Why Location Trumps Everything
Most investors underestimate how location-specific commercial lending really is. A lender who's aggressive in Dallas might have zero appetite for similar deals in Denver (or even in Fort Worth). Some banks have internal concentration limits that make them pass on otherwise perfect deals simply because they're already overexposed to certain counties.
You can start by mapping which lenders are actually active in your target markets. This goes beyond just having a physical presence — you want lenders who are actively originating multifamily loans in those specific areas.
County-level preferences matter way more than most people realize. Some lenders love urban core properties but won't touch a suburban deal. Others focus exclusively on secondary markets. Understanding these preferences saves you from pitching deals that will just never get approved.
Janover Pro makes this geographic mapping much more efficient by showing you exactly which lenders are active down to the county level, along with their specific geographic preferences and offered financing products.
Deal Size and Asset Type Matching
Every lender has a sweet spot, and operating outside those parameters usually means longer timelines, higher rates, or in many cases just outright rejection.
Loan size ranges are often narrower than advertised. A bank that claims to do "$1M to $50M loans" might really prefer deals between $5 and $25 million. Deals below their comfort zone get deprioritized. Deals above it get kicked to committees that slow everything down.
Asset type preferences can also be surprisingly specific. Some lenders love garden-style apartments but won't touch a mixed-use property. Others focus exclusively on value-add opportunities and have no interest in stabilized assets.
Sponsor requirements vary widely too. Community banks might require local market experience. National lenders might want minimum net worth thresholds that smaller investors can't meet. Understanding these requirements upfront prevents wasted time on both sides.
Having access to detailed credit box information eliminates the guesswork. Instead of spending weeks pitching deals only to discover you're outside their parameters, you can target lenders who actually want your type of transaction.
Timing Your Lender Outreach Strategy
Not all lenders should be contacted simultaneously. Strategic sequencing can improve your negotiating position and ensure you have backup options if your first choice falls through.
Start with lenders who can provide the most competitive terms for your specific deal type. If you're confident about the deal quality and timeline, beginning with your most aggressive sources makes sense.
Contact relationship lenders early in the process, even if they might not be your first choice. They can provide valuable market feedback and serve as backup options if your primary sources hit snags.
Save commodity lenders — those who compete purely on rate — for later in the process when you have terms to benchmark against.
Bridge lenders and other speed-focused sources should be contacted based on your timeline requirements, not just as a last resort.
Maintaining and Updating Your List
Lender appetites change constantly. A bank that was aggressive on multifamily six months ago might have hit their concentration limits. A debt fund that passed on your last deal might have new capital to deploy.
Track performance metrics for each lender: response times, approval rates, closing timelines, and post-closing service quality. This data becomes invaluable when you're deciding who to approach for future deals.
Market conditions affect lender behavior in (mostly) predictable ways. Understanding how your lenders typically respond to changing markets helps you prioritize outreach during different cycles.
Regular relationship maintenance matters, even when you're not actively seeking financing. A quick update on your portfolio performance or market insights can keep you top-of-mind when new opportunities arise.
Since lender appetites and market conditions change so frequently, having access to continuously updated lender information gives you a significant advantage. Rather than maintaining static spreadsheets, platforms that track lender credit parameters ensure you're always working with current information.
Building Your Network Strategically
The best lender lists aren't built overnight — they're developed strategically over time through successful transactions and relationship building.
Focus on quality over quantity. Twenty well-researched, properly categorized lenders who match your deal profile beat a hundred random contacts.
Test new lenders on smaller or less complex deals first. This lets you evaluate their execution capabilities without risking your most important transactions.
Document everything. Keep detailed notes on each lender interaction, including what types of deals they liked, what they passed on, and why.
Remember that your lender list can truly be a competitive advantage. The time invested in building strategic relationships and understanding lender preferences pays dividends across every future transaction.
A well-constructed lender list transforms financing from a bottleneck into a competitive advantage. When you know exactly which lenders want your deals and can execute efficiently, you'll find yourself able to move faster and more confidently than investors still relying on limited networks.