Cleveland, Ohio local credit unions?

Question

Hi BP Community,

Has anyone worked with a local credit union in Cleveland, Ohio that work with real estate investors. Possibly doing loans under $100k.

James Wise · Answer

In doing $200+ million in Cleveland deals with out of state investors I can tell you that the "find small local lender" stuff is way way overblown. The majority of out of state investors I've sold properties to have used larger multi state lenders the majority of the time.

Sarah Hatton · Answer

Hey Vishal,

I have outlets for financing assets as low as $75k with the minimum loan amount being $55k. Feel free to shoot me a DM!

Andrew Duna · Answer

Sounds great- I direct messaged you 👍🏼

Raphael Woods · Answer

I would love to speak to your lender. Can you connect us?

Brittany Minocchi · Answer

Hi Vishal,

I don’t know of any credit unions specifically, but there are lenders and LOs out there who will do these types of loans. There isn’t much to be made in terms of commission so many loan officers don’t want to mess with them, and any loan is going to have fees associated with it of course…how high the lender’s fees are and how low the loan amount is will factor into whether or not that loan is compliant and can pass as a qualified mortgage.

I’m also assuming you’re looking for traditional financing. If you’re looking for nonQM (like a DSCR loan) you likely won’t find a local bank or credit union with those products available, especially sub $100k. Happy to discuss further if you’d like to connect.

Bob S. · Answer

Seller financing is a  much easy way to go. 10% 30 year note

Lawrence Guerguis · Answer

I would also like to be connected to your lender, thank you.

Vadim F. · Answer

Depending on if its conventional I know one that can do 30k min loan. DSCR 50k min loans

Raphael Woods · Answer

Hey Sarah, Would you mind connecting me as well?

Cleveland, Ohio local credit unions?

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