Indiana Portfolio Lenders

[Jim Pfeifer]

Hello,

I own a single family rental in Indy that I bought for cash and I would like to finance to take out some equity. The property should appraise for between $50,000 and $60,000 and I am having trouble finding a bank to do a loan on a valuation so low. I would prefer a portfolio loan as the property is titled in my LLC and I don't want to use one of my 10 conventional loans on a property so small. Has anyone worked with a good portfolio lender who might be able to help me? Thanks!

Jim Pfeifer

[Douglas Orr]

Ellen DuBois at Union Savings and Loan in Connersville, In should be able to help you. My last purchase was in my LLC's name. One draw back is they are arm's.

[Dustin Haviland]

Brandon Barkley at BloomBank, Fishers, Indiana. Great customer service.

[Joe Swanson]

Since BloomBank was bought out, has anyone found a comparable or better local lender in Indiana that does portfolio lending and rehab/construction loans?

Joe

[Steven W.]

Hi @Joe Swanson, I know that this post is over a year old, but did you ever find a lender in Indiana? I have 3 small properties in Hammond that I purchased in cash and would like to finance.

Steven

[Adrien C.]

@Steven W. Most likely your Hammond ones will appraise high enough to get loans now. I know of one local bank that goes as low as $50K but the values have shot up in Hammond (not sustainable but use it while you can). 

[Steven W.]

Thanks @Adrien C. for the input. I think that my properties are probably in the 90 to 115K range by this point, though I haven't checked on their value in a bit. But I agree with you on taking advantage of the appreciation to use it now!