Approaching a lender

[Dylan Bond]

When reaching out to a mortgage lender prior to a hard money deal, what are some of the things you like to ask or some of the things that have tipped the scales in your favor?

I have been banking with a local credit union for about 4.5 years, and I have a mortgage that’s not with them. I’m planning on going and talking to one of their loan officers about my future plans, and asking what they need from me to finance a small multi family (duplex). I’m hoping I can leverage my existing mortgage and refinance with them so they can get a piece of the cake. Any tips/advice is appreciate! Thank you in advance.

[Ashley Kehr]

Hi Dylan, I always like to tell the bank what I have as in the property, the value, why I want to refinance or purchase, etc. Then I ask what they have available for lending. I like them to offer me the options. I have been surprised before as to what is available. Give them as much information upfront about yourself and what you are trying to do. Ask for options. To give you an example I once had a bank offer me  an unsecured loan to purchase a property so it actually seemed like a cash offer. I've also had a line of credit put on the table as an option for an investment property. Also, go to multiple banks. See who has the best offer that suits your needs. Take note of how fast the loan officer responds because that will give you an idea of how fast your loan will close. Ask about prepayment penalties, interest rate, amortization, and closing costs. Good luck on your duplex!