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
Try Shawn Huss at Chemical Bank. He was very helpful and quick for us recently. Very investor friendly.
@Samantha Soto thank you! What are his terms and downpayment requirements like? Did you get the mortgage in your name or your entity?
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.
@Samantha Soto will do! Thank you :)
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 J. Beasley thank you for the suggestions! I'll definitely get with them.
Great post! I will definitely be using some of these people. Thank you for asking the question, Mihir.
@Mihir Bhimaraju , were you able to talk with either of the suggested lenders and did you find that they fit your criteria?
@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
@Mihir Bhimaraju how did it all go? Did you find a bank that will refinance after six months?
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
Any banks that don't require the 6 months?
Looking for lenders that do not require the 6 months seasoning period as well. Please help if you know! Thanks
Great, helpful topic! Thanks for sharing some bank connection info!
Thanks for the post guys. I will check them out as well.
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.
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