Can anyone recommend a local lender in Toledo, OH?

Question

Hello,

We are hoping to start doing business with Ohio Cash flow, but we cannot find a local lender.  We did find one bank to call us back, but their terms of 5% 12 years fixed dont work for us.

Who do you guys use?

Steven Mitchell · Answer

@Engelo Rumora thanks for the insight.   We will continue to try and look for a lender though.  We dont really care what the appraisal comes back at or their LTV.  We just like to attach debt to our properties for the tax benefits which materializes all the way up to around a 50% down payment.  Without it, the 7% cash on cash return becomes 5.6% very quickly.

Steven Mitchell · Answer

@Engelo Rumora

Steven Mitchell · Answer

@Engelo Rumora        Yes we know.  We are buying cash and then taking out mortgages afterwards.  Thanks for the response!

Engelo Rumora · Answer

Hi Steven,

Thanks for your interest.

Unfortunately, Ohio Cashflow only works with cash buyers.

I'm sure there are many other turnkey companies in Ohio that will happily entertain financing options.

Thanks again and have a great day

Engelo Rumora · Answer

Thanks Steven and the financing is off course your decision to do as you wish.

I'm looking forward to connecting and working with you.

Speak soon

Engelo Rumora · Answer

Thanks Steven,

You will have a hard time finding a lender that will do the refinance.

Lenders and appraisers are the main reason why we stopped selling to investors looking to finance.

It sucks but I run my business in a way that "If I can't beat it, I have to eliminate it"

Appraisers these days are more worried about job security than appraising properties at fair value.

They love taking foreclosures into consideration and it's not rare if a property appraisers for less $10,000 or even lower that the asking price.

The lender gets to choose the appraiser at their own discretion so there is nothing we can do about disputing the appraisal even tho we can prove with independent appraisers that the banks appraiser is a gronk (Spent $3,000 once on 3 different appraisals just to prove a point to the bank and they still dismissed it).

Plus, we are not in the business of influencing appraisers or having exclusive arrangements with lenders just to pump up the numbers.

If we wanted to do that, we would be able to 10x our sales but that would be doing something that is against our core beliefs.

End of rant haha

Much success

Samuel R. Harden · Answer

I have several clients that have a great lending relationship with a local credit union, Directions Credit Union. I'm not sure if being out of state would be an issue for them or not.

Can anyone recommend a local lender in Toledo, OH?

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