Hard money lenders in Columbus, Ohio area?

Question

Hello Bp family,

I am a beginner entering into the world of real estate investing. I’m looking to purchase my first property by April 12th using the fix and flip strategy, Columbus, Ohio area is where I plan to do my investing. Currently I am looking for hard money lenders in the area who Offers the best terms that I can use for my first flip. Any recommendations would be greatly appreciated!!! Thanks and have a good day 🌞

Robert Ellis · Answer

Fix and flip can be a good strategy in Columbus Oh. There are a few great ones. I've personally worked with Recasa Financial Group, Fund That Flip. There are many others like Lima One Capital that are bigger, it just depends on your liquidity and experience. Those two I ave you are more local and are great places to start. Not sure what terms you are looking for but the majority of hard money I'm seeing right now is 2 points and maybe 12 percent. Some have downpayment requirements depending on collateral. Feel free to reach out to chat further i've flipped probably 15 or 20 houses and used hard money on a few. there are some good facebook groups to join too that can give you access to local lenders.

Columbus also has a lot of people that do joint ventures if you have some things (like liquidity or experience) but not others (like a rehab crew). Talk soon and welcome!

Odie Ayaga · Answer

Out of curiosity why the specificity on twice? What if you only need them once? Or what if a third deal comes along and it would make sense? Just curious if it's an arbitrary distinction or there's some method to the number.

Charles Day · Answer

@Robert Ellis thanks for the leads.

Oliver Carey · Answer

Some also provide a Fix & Flip LOC for better flexibility when purchasing and flipping multiple properties

Oliver Carey · Answer

Hard Money/Private Money can provide up to 90% LTV and 100% Rehab that can be advanced at closing or reimbursement style draws and can close in 2 weeks

Ed W. · Answer

@Charles Day

A fix and flip is a lot to take on for a first deal without some pertinent experience. The more of the following that you have, the better the chances of succeeding will be. If you have little or none of the following, you should consider working with someone who has a lot of good experience and good reputation for integrity.

Do you have any experience buying, selling or brokering real estate?

Do you have any experience with the building trades (are you a general contractor, carpenter, plumber, electrician, etc.) or have a very good relationship with someone very knowledgeable?

Do you have any experience with real estate valuation?

Outside of real estate, are you or have you been an entrepreneur or sole proprietor of a successful business?

Have you worked solely for commission as the main source of your annual income?

Do you have good cash reserves that can be used along with the loan?

Odie Ayaga · Answer

Also don't fall in love with terms. There are a number of factors that go into loans. For instance, when I'm looking to buy a TV I go Sony or Samsung even though they might be more expensive than some others because I know the quality is there.

Jeff Cichocki · Answer

Definitely head over to the local REIA's and MeetUps's. They are some of the best places to find other investors to network with and lenders who are looking to help.

Good luck!

Charles Day · Answer

@Remington Lyman your right. Thanks for the feedback

Remington Lyman · Answer

I would recommend going to local REI meetups and networking there.

Hard money lenders in Columbus, Ohio area?

Hard money lenders in Columbus, Ohio area?

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