When calling a Lender etc what types of questions should I ask?

Question

Stephanie P. · Answer

@Karen Ortiz

Karen,

Before you start hunting for local banks, invest some time in the education materials here on Biggerpockets.  Do some lurking on the forums and see what some of the lenders, that may be local to you are saying and the advice they're giving.  I guarantee you you'll get a better education and you'll know what questions to ask just by reading and listening.

@Joseph Scorese is a lender in the Philly area and I'm sure he can help you with any questions you may have once you've done your reading.

Hope that helps.

Happy Investing.

Stephanie

Bob Okenwa · Answer

@Karen Ortiz

Be sure to ask about rates, max LTV, down payment requirements, closing costs, fees, how long it takes to underwrite a loan, DTI limits, what kind of properties do they lend on, etc.

They'll ask you what you need the loan for of course, and they'd probably want to know about how the property cash flows if it is a rental. They'll ask about your financials and credit history as most would expect as well.

Karen Ortiz · Answer

@Mike Dymski Exactly how I feel! :)

Craig Smith · Answer

What questions would you ask for hard money lender and also multi-family(apartment)?

Seth Hayes · Answer

If you sit down with a commercial mortgage broker, they will ask you questions to see exactly what kind of investing you are looking to do, what your current financial position is, as well as your long term/short term goals are. With that information, they can either provide you with lending sources that you would have been unaware of, or they can steer you in a better direction than you intended to head down. Your better brokers are performance based, which means that they don't get paid until you close a loan, so any effort you put into picking their brains will be well spent, and can lead to a mutually beneficial arrangement.

Karen Ortiz · Answer

@James Lusk Definitely looking to start with single family properties.  I will continue do my research and then start calling around to see what they offer and compare.  I appreciate your time and advice.

Karen

Karen Ortiz · Answer

@Chris Mason I too wonder why it isn't a thing.  Some times it is good to have those real estate agent references and even clients in a reference sheet just to have a starting point.  Wish I was in your area so I could ask you for that reference sheet.

Karen Ortiz · Answer

@Stephanie Potter

Thanks so much for your advice, I definitely will take it and continue to educate myself with the material offered here on BP.  I will also reach out to @Joseph Scorese once I am ready with questions.  Thanks so much again!

When calling a Lender etc what types of questions should I ask?

Most Popular Reply