New investor looking for hard money lenders in Ohio.
Are you needing short term funds for rehabs?
If so, thhere’s several sources for rehab funds in OH.
Some are consider soft money because they require a score over 600 and they want to verify that you have enough money to make payments and start working on the home so they can reimburse you out of the established escrow account. Great thing about them is that they will go to 80-85% of the arv.
In the event that your score is lower or you dont have enough income to show, then there are hard money lenders that can do 70% arv. The payments, points, loan costs, fix up, and purchase are all wrapped up into the loan.
Most hard or soft lenders will not advance the funds for fixing up. You’ll need to have some working capital or a flexible contractor. As work is finished and inspected, reimbursements will be wired out.
Let me know if you need any help with these.
I want to do quick flips. And my credit is excellent. Can you help?
i know of a very good loan company doing ohio and they can have you in underwrittng in 4 hours and a commitment shortly there after
thanks! Can you give me their information?
What is your fico? Are you a season rehabber or first timer? How many homes have yo rehab? Are you doing this in an LLC?. What are the numbers? After you rehab, do you have investor line up to buy or do you have a tenant in place to rent to become income producing property.Will rent support the numbers? What is your exit strategy?
I have rehabbed one other home. And I am meeting with my Lawyer today to get more information on wether or not to set up an LLC or S-corp or C-corp or whatever is best in this business. I do not want to be a landlord but if i cant find a buyer i will do so. Exit strategy is always to sell or assign.
You are on the right track. Probably llc.