Mihir Bhimaraju Specialist from Indianapolis, IN posted about 2 years ago Folks,I'm looking for the following:1) Quicker processing times2) Low or no "Due on sale" cases3) Can lend more than 4 loans4) Accepting of seller financing option5) Cash out refi in 6 months or less6) Fair property assessment
Samantha Soto Investor from Indianapolis, Indiana replied about 2 years ago Try Shawn Huss at Chemical Bank. He was very helpful and quick for us recently. Very investor friendly.
Mihir Bhimaraju Specialist from Indianapolis, IN replied about 2 years ago @Samantha Soto thank you! What are his terms and downpayment requirements like? Did you get the mortgage in your name or your entity?
Samantha Soto Investor from Indianapolis, Indiana replied about 2 years ago 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 Bhimaraju Specialist from Indianapolis, IN replied about 2 years ago @Samantha Soto will do! Thank you :)
Michael J. Beasley Specialist from Indianapolis, IN replied about 2 years ago 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
Mihir Bhimaraju Specialist from Indianapolis, IN replied about 2 years ago @Michael J. Beasley thank you for the suggestions! I'll definitely get with them.
Evan Parker from Atlanta, GA replied about 2 years ago Great post! I will definitely be using some of these people. Thank you for asking the question, Mihir.
Justin Young Investor from Honolulu, Hawaii replied about 2 years ago @Mihir Bhimaraju , were you able to talk with either of the suggested lenders and did you find that they fit your criteria?
Mihir Bhimaraju Specialist from Indianapolis, IN replied about 2 years ago @Justin Young I touched base with bloom bank but i haven't received a response from them. I've connected with chemical bank before and Shawn sounds promising
Isaac Blocher from Glendale, California replied almost 2 years ago @Mihir Bhimaraju how did it all go? Did you find a bank that will refinance after six months?
Mihir Bhimaraju Specialist from Indianapolis, IN replied over 1 year ago @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 bankJeff Kolp -state farm indy
Evan Barney Rental Property Investor from Bloomington, IN replied over 1 year ago Any banks that don't require the 6 months?
Christina Kim Rental Property Investor from Los Angeles, CA replied over 1 year ago Looking for lenders that do not require the 6 months seasoning period as well. Please help if you know! Thanks
Marcia Dabrowski Investor from Naperville, Illinois replied over 1 year ago Great, helpful topic! Thanks for sharing some bank connection info!
Lalit R. Rental Property Investor from Toronto, ON replied over 1 year ago Thanks for the post guys. I will check them out as well.
Santhi Mani Rental Property Investor from Los Angeles, CA replied about 1 year ago 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.
Clay Sellers from Oceanside, CA replied about 1 year ago 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