Portfolio Lender

36 Replies

I just bought 3 turnkey rental houses (for cash) in Ohio. I need to find out if anyone out in Columbus, Cleveland, Akron, Youngstown, or Canton know of any portfolio lenders in the area that can lend about 60% LTV on these 3 cash-flowing homes. 


Any assistance would be appreciated!

ADAM

From Denver, Colorado

Any in cleveland area?

Check into these, they seem to be more local to the area.

Huntington

Dollar Bank

Home Savings

Originally posted by @Adam Adams :

I just bought 3 turnkey rental houses (for cash) in Ohio. I need to find out if anyone out in Columbus, Cleveland, Akron, Youngstown, or Canton know of any portfolio lenders in the area that can lend about 60% LTV on these 3 cash-flowing homes. 


Any assistance would be appreciated!

ADAM

From Denver, Colorado

 Depends ! What are the home values? 

I may know somebody.  I would need more detail on the exact properties.

This post has been removed.

Originally posted by @Bob Collett :

Any in cleveland area?

 Bob, these 3 are in the upper east side of Youngstown. Please note that I am open to buying in the Cleveland suburbs, if you or anyone you know is looking to sell.  

Originally posted by @Reese Thompson :

Check into these, they seem to be more local to the area.

Huntington

Dollar Bank

Home Savings

 I super apreciate you commenting on my thread Reese. I contacted those three banks, 

-Huntington will loan on them individually but the finance fee was too high for these particular properties. 2500 each. (we only wanted to pull out 30K and 7500 is significant for us)

-Dollar Bank is similar to Huntington.

-Home Savings  only loans on primary residences. no investments. 

If you know of any other credit unions investors use out there for Lines of Credit against rentals or Loans on an entire Portfolio, I am still looking for my glass slippers. 

Originally posted by @Steven Gesis :
Originally posted by @Adam Adams:

I just bought 3 turnkey rental houses (for cash) in Ohio. I need to find out if anyone out in Columbus, Cleveland, Akron, Youngstown, or Canton know of any portfolio lenders in the area that can lend about 60% LTV on these 3 cash-flowing homes. 


Any assistance would be appreciated!

ADAM

From Denver, Colorado

 Depends ! What are the home values? 

 Haha Steven! that is a great question! AND something I have been running into. the values are 32K 29K and 22K (about 83K and we are looking to pull out 30K-50K) 


Many lenders have 75K min per property and or 500K min per loan.


Any suggestions?

Originally posted by @Jonathan J. Miller :

I may know somebody.  I would need more detail on the exact properties.

 Great Jonathan, Email me and I'll send you what ever you need! 

(I cant post email here so I am inviting you to connect with me on BP and we can exchange info there)

THANKS!!

Originally posted by @Mark Tapp :

As long as the properties have an Appraised Value of $50,000 or greater, I can help.  We have a direct relationship with national lender for all 50 states.

 Hey Mark! These three are over 50K together but not individually. 


My partners are looking to refi three others that are in TN if you go that far, like you said, they are all worth enough for your numbers.

This post has been removed.

Originally posted by @Adam Adams :
Originally posted by @Reese Thompson:

Check into these, they seem to be more local to the area.

Huntington

Dollar Bank

Home Savings

 I super apreciate you commenting on my thread Reese. I contacted those three banks, 

-Huntington will loan on them individually but the finance fee was too high for these particular properties. 2500 each. (we only wanted to pull out 30K and 7500 is significant for us)

-Dollar Bank is similar to Huntington.

-Home Savings  only loans on primary residences. no investments. 

If you know of any other credit unions investors use out there for Lines of Credit against rentals or Loans on an entire Portfolio, I am still looking for my glass slippers. 

I've been looking for a place to open a sizable LOC out here as well (I've contacted those I mentioned plus a few more), so if you find one, I'd be happy to hear.

Originally posted by @Adam Adams :
Originally posted by @Steven Gesis:
Originally posted by @Adam Adams:

I just bought 3 turnkey rental houses (for cash) in Ohio. I need to find out if anyone out in Columbus, Cleveland, Akron, Youngstown, or Canton know of any portfolio lenders in the area that can lend about 60% LTV on these 3 cash-flowing homes. 


Any assistance would be appreciated!

ADAM

From Denver, Colorado

 Depends ! What are the home values? 

 Haha Steven! that is a great question! AND something I have been running into. the values are 32K 29K and 22K (about 83K and we are looking to pull out 30K-50K) 


Many lenders have 75K min per property and or 500K min per loan.


Any suggestions?

 Hi Adam-

No suggestions do not anyone in the space doing loans on assets that are under $50k

@Adam Adams contact S&T Bank they loan in several states. Let me know what they say ask for someone in their business department.

Originally posted by @Eddie T. :

Adam Adams contact S&T Bank they loan in several states. Let me know what they say ask for someone in their business department.

 Eddie T.,

Thank you so much for your referral to S&T Bank, to answer your question they would have been able to help me very well if I just lived in Ohio. They are looking for people who live in Ohio and have the properties in Ohio as well. They are not keen on doing business with out of state investors. 

Jason Eminhizer, VP of Commerical Banking 

AmeriServ Financial

They have a pretty aggressive lending program.  Tell him I referred you.

Jesse 

@Jesse Zirillo Have you obtained a line of credit from them? I am also looking for second options.

@Adam Adams

I'm looking to refi properties in Youngstown wanted to know if you had any luck?

For small (low cost) properties like these, you may want to contact @Jerry Padilla

@Jesse Zirillo

Wanted to know if could Dm me Jason Eminhizer, VP of Commerical Banking

AmeriServ Financia contact info.

Thanks

Noam

Originally posted by @Eddie T. :

Adam Adams contact S&T Bank they loan in several states. Let me know what they say ask for someone in their business department.

 Eddie, Thank you! I'll check out S&T Bank and get back with you. 

I really  appreciate your help Eddie.

ADAM ADAMS

Originally posted by @Jesse Zirillo :

Jason Eminhizer, VP of Commerical Banking 

AmeriServ Financial

They have a pretty aggressive lending program.  Tell him I referred you.

Jesse 

 Jesse, Thats great! I'll call Jason this week (i'll tell him you reffered me) and I'll let you know how it goes.

Thanks a lot Jesse!

ADAM ADAMS

Originally posted by @Noam Adler :

@Adam Adams

I'm looking to refi properties in Youngstown wanted to know if you had any luck?

 Noam, Not yet. I'll keep you posted, as I have a couple avenues from this thread that I still need to follow up on. (it was a busy couple weeks for me haha)

Again, I'll let you know how it goes.

ADAM ADAMS

Originally posted by Account Closed:

For small (low cost) properties like these, you may want to contact @Jerry Padilla

 Wendell, Thanks a lot, I will contact Jerry Padilla. do you have a phone number, email, or place of work for Jerry?

Thanks again! I really appreciate you for your help!

ADAM ADAMS

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