Rental Property Investor · Somerville, MA · Member since 2011 · 101 posts · 19 votes
I am looking for some advice regarding financing for a smaller (24 unit building) in NE Ohio. I am debating whether to go through a hard money route versus bank financing.
Anyone have recommendations on solid hard money lenders, banks that lend in the North East Ohio (Cleveland – Akron – Canton) area?
Commercial Mortgage Underwriter / Broker · New York City, NY · Member since 2016 · 193 posts · 75 votes
9y
What is the purchase price? Is the building in good shape and cash flowing? If so, you should go a bank route. Hard money wouldn't make sense unless there is some underlying issue.
Rental Property Investor · Somerville, MA · Member since 2011 · 101 posts · 19 votes
9y
@Eric Schleif The purchase price is in the $415-435K Range. The property definitely needs cosmetics and has vacancies. It is still cash flowing though. I was going the hard money route because of the cosmetics + getting the vacancies (about a third of the units) filled. Plus the ability to move quickly to close the deal would be very helpful in the deal making process.
@James Wise Thank you so much for the advice! I'll speak with US Bank and see if they can assist. I truly appreciate the advice.