Lender interview questions

[Tate Meyhoff]

Hello ND investors!

First of all, where are all the Fargo/Moorhead members in this group?!!?  My wife and I are just getting started in this real investing stuff and we are very eager and excited.  We are also very nervous, as it seems that there is a lot of stuff you don't know until you know.  It is nice to have the bigger pockets forum for a resource, but we are interested in meeting up with local investors, contractors, etc to build our network.

One question we have is about finding a good lender.  I have sent a couple of emails to some local banks/mortgage companies for some general information.  What do you guys think are some must have questions when 'interviewing' these lenders?  

My wife and I are open to all sorts of investment properties, single family, multi, fix-flips, etc. We have also formed an LLC as we are stongly considering commercial type properties.

Thanks in advance for any reply's,

Tate

[Matthew Crivelli]

How long does it take to close?

How much will I be paying on origination?

Legal and other lender fees?

What is your lending criteria?

Is there any sort of pre-payment penalty?

How is the appraisal market in the area? Do I have to go through an AMC?

Are you taking tax and insurance reserves for escrowed payments?

What type of LTV do I qualify for?

These are questions I answer everyday! Keep in mind going private may help you scale your rental business. Banks sometimes have all sorts of red tape to get a loan. With a private loan we are looking at the asset, your credit, and your cash reserves. NO DTI, Employment, or Tax returns and we generally offer borrowers higher LTV across the board. Hope this helps!