I have just bought a turnkey property for cash in Indianapolis and would like to put a conventional mortgage on it to pull some capital back out. I am an out of state investor. Does anyone have a recommendation on an Indianapolis conventional mortgage broker or originator that is used to working with investors? Looking for 30 yr fixed rate and would like to use the rent on the property as part of the dept to income ratio. Any recommendations appreciated!
PM me and I'll send you the one that I'm using for a duplex in Indy.
Paul, my partner & I just did a cash out refinance on a BRRRR in Indy. PM me for the lender we used, and there is another as well worth checking out.
Would someone please PM me with their recommendations? Thank you.
Late to the thread, and don't mean to hijack @Paul Singer , but wondering if I can PM a couple of you in regards to an Indy conventional lender (friendly/familiar to investors)?
I have already been in contact with Shawn Huss over at Chemical Bank thus far.
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@Luis Alvarez , I have a lender who is very investor friendly (he invests too). I've used him for years, both for my own personal and client lending needs. If you'd like his contact info let's connect and I'll put you in touch with him. Thanks!
@Luis Alvarez I'm very active in the market. I can give you half a dozen. LOL Chemical Bank would have been one.
@Mickey Russo I’m another newbie investor in Indy and would really appreciate your lender recommendations as well. Thanks so much!
@Jason Foster I'm using Forum Credit Union. They have been good with communication and answering my questions. Nick Spirrison is the mortgage consultant I'm working with.
Not sure about others but I've always had great experience with Movement Mortgage. If you have your ducks in a row and get them requested docs quickly, they will typically close your cash-out refi in 2 weeks, pretty awesome when every day is costing you with a HML. I just cashed-out 75% and closed 12 days from application submittal. Rates are a tad higher than some local banks probably but I appreciate their standard, fast system for getting it done.
@Dave Blackman Have you noticed the rates climbing at a rather alarming speed? I was pre-approved for a loan two months ago, got a sign purchase agreement on a property, and now the rate is higher. Really annoying.
@Jaron Walling yeah rates have gone up significantly over the last month -- there was a quarter point spike in one day about two weeks ago that has come down a little but not much. We are on that upward trend with the economy doing well and the Fed raising rates consistently. I highly suggest subscribing to mortgagenewsdaily.com who send you an email every day explaining rate trends from both a borrower and originator outlook and I've locked on their advice several times right before significant swings upward.
@Dave Blackman Hey thanks man! I was a little shocked and mad at my lender but it's not really in there control. I decided to shop around yesterday at another local bank. There rate was higher at 5.125%. I should have purchased 2 months ago!
Hey, if you're getting 5.125 on an investment property, you're getting a hell of a deal right now. Lock it and run with it!
@Mickey Russo We purchased a small SFH with some savings but are now in need of Lenders In Indianapolis in order to move forward. I would really appreciate your lender recommendations as well. Thanks so much!
@Marcia Dabrowski If you're still looking for a list of lenders - shoot me a PM and I'll share my list with you.
I think the tricky part is finding a lender which doesn't require a 6 month seasoning period. Let me know if any of the suggested lenders will allow a cash out refi on a SFH with ~60 day seasoning period.
In sub 100k investment properties, are you guys all having to do escrow for taxes/insurance? I feel like prepaying for things so someone else can make interest off my dollars is not what I'm wanting to do.
I have 8 single family homes I am buying from a single seller. I will do conventional loans and most range in 60-70k range. Does someone have a specific lender who would not force insurance/tax escrows, be able to keep initial investment costs low, and provide some favorable rates? Preferably someone enjoyable to work with :) Thanks so much!!
I'm a newbie investor from CA. Would love if you guys can share any lenders that work with out of state investors! Thanks in advance!
Hi all, same question here. Purchasing a SFH near Indy, looking for lenders who are willing to loan < 50K. Feel free to PM me too!
Maybe a portfolio product that covers all your properties that doesn't have all the conventional requirements may be an option.
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