Indianapolis lenders for more than 4 mortgages

[Joseph Leonard]

BP Community,

I wanted to see if anyone can give some insight on lenders in the Indianapolis area that allow more than 4 conventional mortgages? I currently have a mortgage on my primary and a mortgage on 3 rental properties. I'm still looking to grow my rental portfolio but am not sure where to turn for future lending. (25%-30% down payments are not a problem for me if that helps at all.)

[Samantha Soto]

I ended up contacting several from this list and the two I found that seemed to be the best were Shawn Huss at Chemical Bank and Bobbie King at Fairway.  I am currently working with Shawn Huss and although we are at the beginning, the pre-approval has gone smoothly so far. 

Here is a list of questions I used for my lender interviews, in case anyone new needs a framework for what to ask when shopping for a lender: 

1. Currently out of state, can you work with us?
2. Do you work with investors commonly?
3. How many loans do you allow a borrower to hold?
4. Are loans held by your bank or sold off?
5. Do you do portfolio loans? Blanket loans?
6. Do you offer loans with less than 20% down?
   1. Which types?
   2. What LTVs?
   3. Mortgage insurance requirements?
   4. Need to owner occupy? How long?
   5. Requirements for refinancing?
7. What is the LTV for loans 5-10?
8. What types of home improvement loans are offered?
   1. 203k?
   2. Fanny mae home style?
9. What interest rates do you offer? Points? Estimated closing costs?
10. Do you have web based programs for uploading and signing documents?
11. How quickly can you close?
12. What are the things that can hold up a loan?
13. Can we close remotely, or via mail?
14. Are there neighborhoods that you will not lend to, or requirements regarding age or condition of the home?