Any hard/private money lenders with longer terms that lend in OH?

11 Replies

Hey all, I am looking for somebody to finance my second rental property here in Cleveland. I'm not looking to borrow much, probably $25-$30k TOPS for multi family home plus any work that needs to be done. Preferably something with longer terms since this is going to be a buy and hold property. Any recommendations would be great!

Thanks

jerry Padilla  does these small loans.. these are hard to do .. as there is no money in them for the lender..

Originally posted by @Jay Hinrichs :

jerry Padilla  does these small loans.. these are hard to do .. as there is no money in them for the lender..

 Thank you. I will look him up on here. Any idea if he lends in OH?

yup I think he lends in all 50 states.. also Ask James Wise he is a big player in Cleveland he will know reputable lending sources.

you will no doubt get hit by scammers on BP promising you the moon.. beware of them.. send NO MONEY ...

Small loans like that the establishment fees are like 25%. @Jerry Padilla is good at this stuff but you'll still need 25% down payment as it is an investment property

@Federico Gutierrez   25% sounds about right.. a lender just has to make 5 to 6k on a file to make it at all worth the time and risk... I know borrowers don't understand that but.. a file is a file.

takes just as much time to do a 30k one as a million dollar one.. they can charge 1 or 2 and make 10 to 20k plus the service release fee and junk fee's etc.

Originally posted by @Jay Hinrichs :

@Federico Gutierrez   25% sounds about right.. a lender just has to make 5 to 6k on a file to make it at all worth the time and risk... I know borrowers don't understand that but.. a file is a file.

takes just as much time to do a 30k one as a million dollar one.. they can charge 1 or 2 and make 10 to 20k plus the service release fee and junk fee's etc.

 Does the same apply for hard/private money lenders though? That is what I am seeking since I already know conventional lenders don't typically lend low amounts like I am looking for....

private money lenders are your friends and aquantances' this is were you need to go.. your parents would probably love 8%  over the long term.. that type of thing

Originally posted by @Jay Hinrichs :

private money lenders are your friends and aquantances' this is were you need to go.. your parents would probably love 8%  over the long term.. that type of thing

 Yes, that would be ideal, buy my parents are broke and made it clear they do not have money to lend me.

Lima One has a rental 30 program.

Originally posted by @Charles Biter :

Lima One has a rental 30 program.

 Yes I did see that, but I have read some bad things about that lender here on BP. Do you have experience with them?

I personally fund my own projects but i have an associate that closed on a deal with them today and they were very please with them.

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