Need lender for $60-75k investment condo in Cleveland OH – who has done this?

Question

Hey BP,

US citizen living abroad, looking to buy a 1-bed investment condo in Cleveland OH (Rocky River / Ohio City area) for $65,000–$90,000. Have 20–25% deposit, 680–690 credit score, want to close in an Ohio LLC.

Problem: most DSCR lenders have minimums of $85k–$150k loan amount which is too high for my $55k–$70k loan size. Already ruled out America Mortgages and LendingOne.

Looking for:

• DSCR lenders who go below $75k loan amount on Ohio condos
• Local Ohio portfolio lenders comfortable with foreign-earned income
• Mortgage brokers specialising in small balance Northeast Ohio investment loans

Any specific lender names or brokers you've personally used at this loan size in Cleveland would be massively appreciated. Thanks.

Alfath Ahmed · Answer

I own 28 rental units and have very few condos in Ohio. I would be-careful of the rules/regulations of condo based on your use-case in Cleveland. I have some lenders that can help finance the deal for you.

Aiden Avtgis · Answer

I work with a handful of phenomenal dscr lenders in Cleveland. Below are a few options that have helped my clients and I tremendously

James neal 561 232 1312

Jordan 816 522 0566

Account Closed · Answer

I may be able to help.

I’m an investment and commercial loan broker, and while many DSCR lenders have minimum loan amounts that would exclude this deal, I work with multiple lending sources and portfolio lenders that may be able to accommodate smaller-balance investment properties.

A few things I’d want to look at are:• Purchase price and target loan amount• Condo project details• Expected rental income• LLC structure• Foreign-earned income documentation

If you’d like, send me a message with the property information and I’ll see whether I have a lending solution that fits. If I can’t help directly, I may be able to point you toward a lender that can.

Best of luck on the acquisition—there are still some solid opportunities in the Cleveland market for investors who can secure the right financing.

Ryan Arth · Answer

@Jody Port Just FYI, there is only one condo in the three zipcodes that encompass your target area under $90K. Four have transferred in the past six months.

Nicole Griffin · Answer

I may have a lender that can help you.  Feel free to reach out to me if I can be a resource.

Erik Estrada · Answer

There are lenders that can lend to properties below $100k. If you are a foreign national, most lenders will cap at 75-65% LTV on a purchase.

Matthew Bernal · Answer

It sounds like the loan size is creating more of a challenge than the deal itself. With a 680–690 credit score and 20–25% down, you're probably running into minimum loan amount requirements that many DSCR lenders have rather than a qualification issue.

I've seen smaller-balance investment loans require a different approach than larger DSCR deals. Have you explored local portfolio lenders or credit unions in Ohio that keep loans on their books instead of selling them?

Out of curiosity, are you looking to acquire just this condo or build a larger portfolio over time?

Stacy Raskin · Answer

There are DSCR lenders that will go down to a $75K appraised value and a $50K loan amount depending on the credit score, LTV, area (not marked rural by the appraiser) and whether the condo is considered nonwarrantable or warrantable (this will depend on issues such as investor concentration or active litigation as some examples but that are not the only reasons it will be marked non warrantable). The loan can be structured as a DSCR loan if it's a non owner occupied investment property and the actual or projected rent will "pay for" or be more than the new mortgage, property taxes & insurance and HOA. If foreign income, a lender may want to see the income in a U.S. account for at least 60 days and may want you to close in an LLC. There are some other details but those are the main ones.

Need lender for $60-75k investment condo in Cleveland OH – who has done this?

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