Why Starting With the Right Lending Relationships Can Save Time and Open More Financing Possibilities
When a condominium association, commercial property owner, developer, or real estate investor needs financing, the first instinct is often simple: call the bank.
But is one bank really the best place to start?
Errol Eisinger believes there is a better approach. With more than 50 years of experience in commercial real estate, banking, and lending, Eisinger has learned that the institution a borrower approaches can be just as important as the strength of the transaction itself.
That is why his message today is straightforward:
“We want to be your first choice, not your last choice, when you need financing.”
— Errol Eisinger
TL;DR
Association Lending Services helps borrowers explore financing through multiple lending relationships rather than beginning with a single bank. By reviewing the transaction first and identifying lenders whose criteria may fit the financing request, ALS seeks to save borrowers time and provide more possibilities from the beginning.
Why Starting With One Bank Can Limit Your Options
Banks do not all evaluate loans the same way.
One institution may have an appetite for condominium association lending, while another may be more interested in commercial real estate. Certain lenders may have restrictions involving rental percentages, litigation, delinquencies, property types, loan sizes, or other underwriting factors.
A borrower typically does not know those preferences before submitting an application.
Errol does.
Through Association Lending Services, Eisinger works with a network of financial institutions, including niche banking relationships outside Florida. Instead of automatically sending every transaction to the same institution, the objective is to understand the financing request and determine which lending relationship may be appropriate.
That can make ALS valuable before a borrower starts approaching banks individually.
One Financing Request Can Have Multiple Possibilities
Think about financing as finding the right fit.
A loan that does not meet one institution’s guidelines may fit another lender’s criteria. That does not necessarily make one bank better than another. It means lenders have different appetites for different types of transactions.
Association Lending Services works across several areas, including condominium association loans, commercial real estate financing and private financing for investment properties.
For condominium associations in particular, financing needs can arise quickly.
Leaky roofs, structural and balcony repairs, spalling, pool repairs, sprinkler system installation, engineering studies, landscape revitalization, management changes, accounting services and insurance renewals can place significant pressure on an association’s finances.
When reserves are insufficient, boards may face substantial special assessments. Uncompleted repairs and financial issues can also create complications for individual unit owners seeking financing or trying to sell their properties.
Association financing can provide another way to address those needs.
Experience Helps Determine Where a Loan Belongs
Eisinger’s perspective comes from having worked on multiple sides of real estate finance.
His career began in real estate accounting before he moved into commercial banking as a commercial loan officer. He has also spent decades investing in real estate and has firsthand condominium association experience as both a board member and association president.
That combination matters because lending is rarely just about completing an application.
Understanding financial statements, property operations, association issues, collateral, lender expectations and the people behind a transaction can help determine where a financing request should be presented.
ALS also performs an initial underwriting review. According to Eisinger, once the necessary financial reports and required documentation have been received, their underwriting process can generally be completed within 48 to 72 hours before working through their established financial-institution relationships.
As Errol likes to emphasize, time is money.
Helping Associations—and the Vendors Who Serve Them
Financing also affects the companies performing necessary work.
A condominium may need a roofer, engineer, contractor, sprinkler company, landscaper, CPA, property management company or another specialist. The association may know the work needs to be completed but still face the fundamental question: How are we going to pay for it?
Association Lending Services seeks to help bridge that gap.
By helping associations explore financing for necessary projects, ALS can help communities move forward while helping ensure the professionals performing the work have a viable path toward payment.
That philosophy is also behind Eisinger’s developing Alliance of Independent Vendors, a referral network designed to connect professionals serving condominium associations while creating additional opportunities for participating businesses.
First Choice, Not Last Choice
Perhaps the biggest misconception Eisinger wants to change is that alternative lending professionals should only be contacted after a traditional bank declines a loan.
He believes that approach has it backwards.
Waiting until several lenders have already reviewed or rejected a transaction can consume valuable time. Starting with someone who understands different lending appetites may provide a clearer path from the outset.
Association Lending Services cannot guarantee that every financing request will be approved. Lending remains subject to underwriting, documentation, lender requirements and the circumstances of each transaction.
But borrowers can begin by asking a better question.
Instead of “Which bank should I call?”, ask:
“Who can help me determine which lender I should be talking to?”
For Errol Eisinger, that is precisely where Association Lending Services belongs.
Make ALS Your First Call
Before approaching a single bank, talk with someone who can look at the broader financing picture.
Whether the need involves a condominium association, commercial real estate transaction or investment property, Errol Eisinger and Association Lending Services can review the situation and explore potential financing avenues through their lending relationships.
Errol Eisinger | Partner
Association Lending Services
📞 786-205-9842
✉️ eeisinger@associationfinancing.org
🌐 associationfinancing.org
Your financing search has to start somewhere. Start with experience.
