St Helens Federal Community Cu E A St, Rainier

I've tried getting two commercial multifam loans through St. Helens CU in the last few years. I was denied both times. I applied through two other banks on both transactions and was approved both times. Each deal was a gold mine. 7 units for 300k and 6 units for 250k. They both needed remodels, but were both 100% occupied at the time and DSCRs at around 1.5 which is hard to find in today's market. St. Helens CU thought they both needed too much work. Well, every property needs work, and let me tell you the best cash flowing properties are the ones that are nice enough to be occupied, then once tenants move out, and remodeling takes place, the rents get bumped up even more! The first property has been fully remodeled and the DSCR is around 2.0 now! I'd recommend whoever is leading the commercial loan department to do some more investigating. I know this bank likes to build relationships. Well by turning down two prime opportunities from me, I'm not considering any relationship. I'm up to 30+ properties and counting, and my business in the commercial space has mostly been going to Columbia Bank now, which also offers a fully 15 year fixed loan!

The first time I came in the only person who can open accounts was out getting a Christmas tree. The second time I came in 10 minutes after opening to be told the only person who can open accounts doesn’t start until 11. There will not be a third strike for me. I will try Fibre Credit Union.