Portfolio Lender in Indy & Muncie
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?
First Merchants
They are good.
@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.
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.
@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.
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