Thursday, June 20, 2013
Does anyone else realize that 1700 Vine is only 100 yards away from the coolest spot in Cincinnati?
So Reid and I are starting to feel tight in our 2-bedroom condo now that the baby is a toddler. I want nothing more than to finish the work at 1700 Vine Street, move in, and enjoy our small patch of urban greenspace! However, we cannot seem to find a bank that is willing to finance the project. So far, we've talked to and been turned down by First Financial, 5/3 (although this was a couple years ago now), US Bank, and First Safety. We're still in communication with Cheviot Building and Loan (who just did the Rhinehaus project, so we're hopeful they'll see the potential in our project too!) and Cincinnati Development Fund. If neither of these pan out, we have a contact at Huntington that we'll try. Does anyone else have any suggestions? We keep hearing that our project is unconventional (residential and commercial space in one property) but I have to imagine a bank has seen this before. After all, this building is 140 years old - how have people been finding these projects for the past 140 years? If all conventional loan products fail us, I may have to get creative - could this be a kickstarter project?
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6 comments:
Yes, unfortunately banks these days are hesitant to invest in mixed-use buildings. I was able to get my mortgage through First Financial Bank. If you need the name of someone there, please contact me.
Thanks Travis- where is your prject and long ago did you take out the loan? I already sent our info to Steve Tanner at First Financial and it was a "doubtful at this time". Sorry for my frustrated post - I'm just getting inpatient :)
Try the smaller local banks like Guardian Savings or Cheviot Savings? You could also try a Credit Union like Cinco or Kemba, both of which have strong local connections.
I know several other owners in my condo building have gone through Eagle Savings Bank as well.
Thanks Jason, Reid and I are in contact with Cheviot Savings & Loan and are hopeful, but haven't heard a yes or no yet. I'll look into Guardian, Kemba and Cinco. Our project is complicated because it's a mix of residential and commercial, so we need a complicated combination of loan products and therefore, someone with an understanding and vision of the neighborhood. THanks again for the suggestions.
-Patty
You should call Cincinnati Development Fund. They financed our project on 13th Street when none of the other banks would. Ask for Joe Huber. They were great to work with.
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