Investor · Chicago, IL · Member since 2021 · 3 posts · 2 votes
Hello all!
I am a new investor in Chicago. I haven't bought any property yet. My plan is to purchase a multi-family home using the BRRR strategy in the Pilsen market with short-term cash (perhaps a hard money lender?) I met a broker who connected me with a lender from a networking event. What are good questions to ask that will let me know that this lender is a problem solver and can close transactions promptly? Here is my list so far (feel free any feedback):
1. Are you a commercial lender?
2. How long have you been in business?
3.WHat kind of relationships do you have with your underwriting team? Are they in-house? What is the turnaround time for responses?
4. How flexible can you be with lending?
5. what is an example of you getting creative to finance a property that didn't appear to be something you could lend at first?
6. Do you keep any financing in the house?
7. What is a typical LTV percent to lend? What are your typical interest rates?
8. What are your fees for closing?
9. What title companies do you close, can you share a list of those companies?