After years of ignoring what was obvious to everyone else, my friend, Andy, decided that he was more right for real estate than he was for the corporate ladder he’d been climbing since college. I told him as much when he approached me for advice on how to go about buying that first investment property. I don’t know of anyone who fits the description of an entrepreneur more perfectly than him—except, maybe, me. His passion for the Columbus real estate market rivals mine, too. And, I’ve been investing in property here for over a decade.
Wanting my old friend to get started in his new career on the right foot, I suggested he bring a pad and pen with him when we met at The Sycamore in Columbus. We were going to talk about the hard money lenders in Ohio that top my list for funding deals, whether it be the first one of the fiftieth. But, I was also going to divulge my industry secret, too: there’s a way to get these lenders to compete for your business—a critical aspect to be being able to choose from among your best options every time.
Hard Money Lenders in Ohio That Top the List
Not surprisingly, by the time Andy and I met for dinner and drinks, he’d taught himself the basic concepts behind using these lenders in the first place—a kind of hard money 101. He understood that offerings like shorter loan term lengths and interest-only payments are ideal for investors, like me, who buy, rehab, and sell property in nine months or less. And, since approval is mostly based on the home you’re buying and not on whether you have stellar credit or an impressive stash of cash, it can be easier to get a hard money loan, especially when you consider that traditional lenders just don’t like funding fixer-uppers.
Since Andy had already covered those basics on his own, we got right to focusing on which lenders I typically recommend for financing real estate investments. There’s nothing typical about these lenders, though. Not only are they some of the best you can work with here in Ohio, but they’re also some of the most reputable hard money lenders in the nation. Here they are:
Sherman Bridge Lending
Sherman Bridge Lending provides hard money loans all over Ohio on minor or major fixer-uppers and everything in between. While you do need to have a minimum credit score of 600 and some liquid assets at your disposal, if you’ve found a great investment property, they’ll work hard to help you buy and repair it. You can borrow as little as $50,000 or as much as one million, up to 85% of the purchase price and 70% of the After Repair Value (ARV).
You won’t pay an arm and a leg in interest to fund your deal, either. Their terms, rates, and fees do vary depending on your skill level and your project, but the folks at Sherman Bridge Lending make every effort to be one of the most competitive lenders you’ll ever consider. That’s why term lengths can be as long as 30 years and approval times as short as one day. When you’re building an investment business in a competitive city, like Columbus or Cleveland, having access to term options that are as varied as your investments can give you the edge you may need.
Finance of America
Finance of America isn’t afraid to loan on a good fixer that could turn into a great investment, either. In fact, the better the deal the bigger your chances of qualifying for funding. Still, because you may be asked about your finances when you apply, it’s a good idea to include supporting documents as a part of your real estate investor credibility kit from the get-go. The result may be a loan that covers up to 90% of your purchase and rehab costs at an interest rate that is less than 7%. And, that’s not all. Finance of America can also close on a deal fast, whether you only need $50,000 or an amount 50 times that. As a more experienced investor, you may even qualify for a line of credit up to ten million dollars should you plan to acquire multiple properties. Even if you don’t yet have a portfolio of properties tucked under your belt, the terms you get with this lender won’t let you down—and, neither will their efforts at helping you succeed at investing in single-family homes so that you can someday buy, rehab, and sell more.
RCN Capital will help you buy and renovate homes in just about any condition, too. And, they largely base the term options they offer on how many investment properties you’ve successfully turned around as well as on the deal you’ve currently got in hand. They can provide funding for up to 90% of your purchase and 100% of the rehab, up to 75% of the home’s ARV. Once you become a seasoned investor, like me, you may also qualify for an interest rate of only 7.99%. But, even my pal, Andy, can qualify for terms that are better than what most lenders provide. Plus, you’ll find out fast what your terms will be, sometimes in a few days or less. With a lender on deck that specializes in hard money loans for real estate investors, like RCN Capital, you’ll already be on your way to closing on great properties with better terms.
Obviously, there’s good reason why these particular lenders top my list as some of the best places for getting hard money loans in Ohio—even if you’re a new investor. But, these aren’t the only reputable lenders who fund real estate deals here. Residential Capital Partners (ResCap), Finance of America, and RCN Capital are some great choices, too. Since it’s always good to have several options to choose from, you should get to know them as well. I can’t think of a better way to make that happen than by getting all the best lenders in Ohio to compete for each of your real estate deals.
Your Best Funding Option is to Create Competition
I’m never surprised when a hardworking guy, like Andy, decides to start investing in real estate. More than anything, I tend to be surprised that it can take so long for some people to admit that it’s what they really want to do. But, I guess I get it, too. While I couldn’t wait to jump start my career as an investor, I didn’t know how I was going to do it without money to buy property. It’s on that particular point that a lot of people get hung up.
Luckily, I didn’t stay hung up for long. After researching the options for jump-starting my career, I decided to join the HomeVestors® team. That decision came after learning that, as an independently owned and operated HomeVestors® franchisee, getting the money I’d need to buy, renovate, and sell properties would never be a problem because HomeVestors provides financing for qualifying purchases and repairs.
As a franchisee, I also get access to HomeVestors®’ proprietary lending portal where the most reputable hard money lenders in Ohio compete to fund my deals. All I have to do is enter the details about a property into the portal, and then wait to see which lender gets back to me with the most competitive terms. It’s one of the simplest and most convenient methods for easily, and quickly, funding a competitive deal that I’ve ever heard of. In my book—as well as Andy’s—it’s more than enough reason to join.
Get access to better options for funding your deals by getting the best hard money lenders to compete for your business. Contact HomeVestors about becoming an Ohio franchisee today!
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