Portfolio Lender in Indy & Muncie

Classifieds
11yFollow

Portfolio Lender in Indy & Muncie

Michael Hayworth
Contractor · Fort Worth, TX · Member since 2015 · 379 posts · 740 votes

Looking for a portfolio lender that covers the Indianapolis and Muncie areas. I have identified two properties I plan to buy in Muncie. I've got two great lenders back in Texas, but they don't lend out-of-state. Need to find someone local to these properties. Any recommendations?

0Reply
3 views

7 Replies

Jump to latestLatest
  • Armond Wright
    Investor · Indianapolis, IN · Member since 2009 · 178 posts · 26 votes
    11y

    First Merchants

    They are good.

    0Reply
  • Sean RichwayBusiness Member
    Lender · Chevy Chase, MD · Member since 2015 · 1k+ posts · 136 votes
    11y

    @Michael Hayworth  I can offer the following two structures on portfolio loans:

    Structure 1
    -$300K min loan amount
    -No max
    -Up to 75% LTV
    -4 properties or more
    -Can be a combination of refinancing or purchases or both
    -Term is typically 30 years
    -Fixed periods of 5 or 10 years
    -Interest rates are typically between 5.25-6.25%
    -Average closing is 60 days depending on the size and complexity of the portfolio

    Structure 2
    -No min amount
    -Typically maxes out at $500K
    -No min properties
    -Typically 65-80% LTV
    -Interest rates range from 5.25-5.75% typically
    -Term is 30 years
    -5, 15, or 30 year fixed options
    -Average closing is 45 days

    If you have anything outside of this feel free to send the details over and I can let you know what I can offer.

    Infinity Capital Finance
    WebsiteView Page
    0Reply
  • Michael Hayworth
    OP
    Contractor · Fort Worth, TX · Member since 2015 · 379 posts · 740 votes
    11y

    Thanks for the input guys. Been motorcycling from Fort Worth to Toronto. Left Muncie this morning, just arrived in Toronto. (Trying out AirBnB - staying in a host's home for the first time.) When my brain has recovered a little, I'll review these answers in more detail.

    0Reply
  • Wei Peng
    Investor · Toronto, Ontario · Member since 2015 · 21 posts · 1 vote
    11y

    @Michael Hayworth welcome to Toronto. Hope you enjoy yourself here. What a journey you had! I hope I can do something like that too some day. And I happen to be investing in Indianapolis as well. Let me know if find a good portfolio lender.

    0Reply
  • Ariana Naranjo
    Lender · Fairfax, VA · Member since 2015 · 62 posts · 1 vote
    11y

    Hi Michael, I'm with a nationwide lender that can absolutely do your areas. We've got 3 and 8 year ARMs with rates around 7%. Our minimum loan amount is $100,000-$5MM. We focus on 1-4 unit properties, condos, townhomes, and SFR, non-owner occupied. Since we do stated loans, I will not need income or employment verification, just your application and credit report.

    I'm Ariana. You can reach me at [email protected] or (571)285-6930

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free