Questions to ask Indianapolis lenders for cash out refi

[Casey Sbrana]

Searching for distressed properties in Indianapolis to purchase and renovate. I’ve spoken with agents, wholesalers, PM’s, some contractors, hard money lenders, etc. But still have yet to find a good local lender who can refinance a property out of the hard money I’m using to acquire and rehab it. I need to know that my exit strategy is solidified before I start offering on properties. 

I want to ask things like their LTV, basic rates and loan terms, seasoning period, etc. What are other good questions I should be asking? And who should I be asking these questions too? Perhaps you've done something similar in the past and know of a good lender who I could chat with.

Thanks BP!

[Ritch Bonisa]

1. Points and interest
2. Loan Terms
3. ARV – Loan based on ARV or current value
4. Upfront fees – origination/processing
5. Inspection/Draw fees
6. Draw criteria
7. Down payment
8. Penalties & fees
9. Requirements & time to close