Questions to Lenders about refinancing in the BRRR strategy

[Jeffrey Leon]

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?

Thank you in advance!