Local ohio lenders willing to work with smaller loans?

18 Replies

I currently own two investment properties (a 3/1 and 2/1) free and clear for a little over a year now. I'd like to either take out a HELOC or home equity loan, however I'm running into a few roadblocks.

One issue is that I would like to group both properties together in one loan to avoid excessive closing costs and all around headache. A second reason for wanting to do this is that both properties value are relatively low (it seems a lot of banks have a minimum loan of 50-70k). I'm not sure what they would appraise at, but the county auditor has them at about 44k and 21k respectively. Both of those values have not been updated since I renovated the properties though.


Can anybody point me in the direction of a local lender that might work with these terms, or maybe what I'm looking for doesn't exist?

Hello I just got a heloc from Huntington on a duplex investment property that was free and clear. No closing cost or anything they did not mention any kind of minimum loan I had to take out they just gave me 75% of the value. I was pretty simple. Might want to give them a call if you haven't.

@David Antulis

Thanks for the lead. I contacted Huntington and their terms aren't bad at all. Minimum HELOC of 10k. The only issue was that they could do two lines on two separate properties, but one had to be primary, and the other could be an investment property. Both of mine are rentals, unfortunately. Another smaller downside was that they only go up to 70% LTV.

Anybody have a lead on a lender that might group or allow two lines on two separate investment properties?

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so I am actually interested in starting a small business that does small loans in Ohio. Problem is it seems difficult to launch a biz in Ohio as an out of state lender. Any idea if that true? I'm looking to lend up to 50k for various properties (won't do primary residences). 

Why I'm curious won't they put to properties under one note? I frankly like the idea as it feels like better collateral

@Alex A. As far as starting a small loan business I can't speak as I have no experience there. I can however say that I would be willing to be a client.

I've had a few lenders try to explain why they won't put two houses on one line and yet to hear a reason that makes sense to me. They've made it seem like it's an "unofficial industry standard" to only have 1 house on each line.

Originally posted by @Job Hempy :

I currently own two investment properties (a 3/1 and 2/1) free and clear for a little over a year now. I'd like to either take out a HELOC or home equity loan, however I'm running into a few roadblocks.

One issue is that I would like to group both properties together in one loan to avoid excessive closing costs and all around headache. A second reason for wanting to do this is that both properties value are relatively low (it seems a lot of banks have a minimum loan of 50-70k). I'm not sure what they would appraise at, but the county auditor has them at about 44k and 21k respectively. Both of those values have not been updated since I renovated the properties though.


Can anybody point me in the direction of a local lender that might work with these terms, or maybe what I'm looking for doesn't exist?

 MB Financial & Wells Fargo have been the two lenders that i've seen do the lowest loans for investors.

I've only seen multiple SFHs under one loan at around 4-5 minimum and it's done with a commerical loan, not a mortgage. but check out Patch of Land. they do this on the regular but I'm not aware of their requirements (loan min, etc).

I've worked with Huntington on a refi (property was free and clear before hand)... their closing costs are very reasonable and don't appear to have any minimums.  My refi was under $35K (and I did a purchase with them for under $35K as well).  Ping me and I can provide you with contact info for my contact there.  As far as combining multiple properties, you might try Union Savings Bank as they offer loans that combine multiple properties.

Try local credit unions and any bank that doesn't have any other branches outside of Central Ohio. You might have to talk to a half dozen or more but there are plenty out there that keep their paper in-house and will lend to investors. 

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Huntington was able to move at a decent pace for my first few refi's with them, however, things have deteriorated since then... they required more documentation, more and more delayed closings, they're now covering less closing costs and had delays with funding after the close (although that was more on the title company).  

@Chris Taylor We charge a flat $1125 origination fee, and our fees cannot exceed 5% of the loan amount.  This puts our minimum threshold at just above $22,500.  The main issue on properties at this price point is a good portion will not meet the bare minimum livable condition requirements during appraisal

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