In residential lending a cardinal – almost unmentionable – sin is: ‘Redlining,’ or, refusing a loan based on the property’s location. Commercial lenders of course, have no such restraint and will very bluntly refuse to lend in smaller markets or immediately announce conditions like: ‘no more than 50% LTV,’ or ‘a point higher to the rate,’ etc.
By definition a ‘tertiary market’ is one populated by two million people or less, but if you’ve ever tried to refinance a property in Barstow, Twentynine Palms or Bakersfield, Ca. it can seem a bit like ‘The Bataan Death March.’ (populations more like: 30,000 to 100,000)
We have had success in getting these deals done, however. If you need our help, please let us know.