"Investor Friendly" Local banks in Indianapolis area

17 Replies

Folks,

I'm looking for the following:

1) Quicker processing times

2) Low or no "Due on sale" cases

3) Can lend more than 4 loans

4) Accepting of seller financing option

5) Cash out refi in 6 months or less

6) Fair property assessment

I don't have an entity yet, so It's just in my name.  I put 10% down and I forget what the interest rate was, but I think in the low 4's.  It's a 30 year fixed and it was lent to me as a "vacation home" since I was out of state at the time.  He lends on all different price levels.  Give him a call.  He is open to answering questions and he could tell you more than I can. 

Mihir,

I have dealt with Shawn Huss at Chemical Bank on multiple transaction & I can attest that he is great to work with. You can also reach out to Brad Barkley at Bloom Bank out of Carmel, Indiana. If these (2) do not fit with what you are looking for, please let me know as I can probably give you a few other names. 

Hope you have a great day.

Michael 

Great post! I will definitely be using some of these people. Thank you for asking the question, Mihir. 

@Justin Young @Isaac Blocher   - I just noticed these mentions. I apologize for not getting back sooner. 

There are numerous banks that do a cash out refi after 6 months. I've had trouble getting hold of Bloom Bank- but they're restricted to 4 loans. Key Bank does refi in 6 months and allows upto 10 loans. State Farm also does cash out refi in 6 months and upto 10 loans. I currently have mortgages with them. Feel free to reach out. The communication is fairly quick.

"Aasen, Jennifer L" -key bank

Jeff Kolp -state farm indy

Some updates about the earlier posts: "Brad Barkley at Bloom Bank",  Bloom Bank, now taken over by Mutual Bank.  Brad Barkley currently looking after commercial lending (not individual mortgages) and no longer handles mortgages.  

Forgive my ignorance, can one get a loan from an out of state bank for a cash-out refi?

The reason I ask is, I've heard from a prominent investor here in So. Cal. that Cathay Bank does not require any seasoning for this.  Apparently, he has bought several Trust Deed sales where he's done this in the past but I haven't verified this. 

https://www.cathaybank.com/home

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