Questions to Ask Lenders

2 Replies

Hello All,

I am a new investor and working hard to gain knowledge and put myself in the best possible position for success when I do find that first deal. One of the initial action steps I am taking to move forward toward the first deal (and beyond) is to network and develop relationships with as many people as I can within my market. Therefore, I have lined up some sit down meetings with a few convention lenders, scheduled for later this week.

In order to prepare for these meetings, I have started to compile a list of questions to ask each lender. I feel as though I have a good start to this list, but was hoping to get some feedback from you guys (and gals) as to what questions you would ask a conventional lender were you in my shoes.

And for the purposes of clarity, I plan to be a buy and hold investor of SFR and small multis. Also, I currently do not have any potential deals lined up nor have any other agenda for these meetings other than to connect with these lenders and learn as much as I can.

Thanks!

I am not certain this is what you were looking for however. I wrote this a while back, it may help.

The easiest method for finding who to call is to look in the real estate section of the local Sunday newspaper and choose two lenders who are advertising. Or better yet a referral from a title rep or agent. Call them and have the following conversation.

You: Dial Number

Them: Hello (Typically an operator will answer)


You: Hi this is (Your Name) I am calling for (person)

Them: One moment please, may I say what this is regarding?


You: Yes I am calling about the ad I saw in the newspaper.

Them: One moment please.


Them: Hi this is (Lender)

You: Hi this is (you) with (Your Company) and I first want to congratulate you on a terrific ad in the newspaper. (You want to start all conversations off positively)


You: The reason I am calling is that I am looking for a lender for my buyers. Do you help buyers qualify for loans?

Them: Yes I do.

You: You do, terrific (Always repeat what they say followed by a positive or negative reinforcement word)


You: What type of loans do you do, are you an “A” paper, “B” paper or subprime lender?

Them:I am (their answer)

You: You are a (their answer) lender fantastic.


You: How long have you been in the business?

Them: (Their answer)

You: (Their answer) wow. (It doesn’t matter how long)


You: What FICO score minimum are you able to loan at these days?

Them: (Answer)

You: (Their Answer) fantastic


You: Is that for owner occupied or investment properties?

Them: (Their Answer)

You: (Their Answer) really


You: Out of curiosity what title/escrow company seems to be the best now a days?

Them: (Their Answer)

You: (their answer) I heard that


You: What is the time frame from start to finish on a purchase loan?

Them: (their Answer)

You: (Their Answer) that’s great!


You: I am in an Investment networking group would you mind if I gave your name and telephone number to some of the members?

Them: No Please do.

You: I can, great.


You: One last question, I bet you know of people who tried to either buy or refinance their house however you couldn’t get them financed because of credit issues and now they need to find either a seller financed deal or sell their house.

Them: From time to time I get those.

You: You get those, terrific.


You: Let me leave you my name and number and I will follow up with you on the next deal I have and you do the same okay?

Great script! Thank you so much for the response. Very helpful.

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