Who are the Best Hard Money Lenders in Ohio?
Finding the best hard money lenders Ohio is critical to your investing success. Whether you’re new to real estate or have been doing it for years, your hard money loan can eat up a ton of profit if it isn’t favorable. A bad loan can set you back thousands of dollars. On the other side, a good hard money loan can provide the financing you need in less time than any other source of financing. Ohio hard money lenders can give you the buying power required to scale your business and profit.
Ohio has a limited amount of private money lenders offering loans. Hard money loans in Ohio average about 131k. Rates on hard money loans issued to Ohio investors average a standard 9-14%. The median loan term is around 12 months. The mean hard money loan includes origination fees in the 1-3% range with standard LTV averages around 70%.
Here’s our short list of the top 3 Best Hard Money Lenders in Ohio:
- Baker Collins
- Dayton Capital Partners
- Civic Financial Services
The Top 3 Ohio Best Hard Money Lenders
#1. Baker Collins & Company, LLC
Baker Collins iss one of the highest rated hard money companies on this list. They offer har money loans throughout the country investors. Their loan programs include rehab loans, rentals loans and commercial loans. They’ve closed over 300 loans since 2015 so they have a solid track record.
They can close in as little as 7 days and require minimal documentation for most loans.
2. Dayton Capital Partners
Day Capital Partners can do almost any kind of commercial loan. Their specialty is rehab loans, aka hard money loans, transactional funding, and rental loans. Most of their loans are 1-4 family and multifamily properties, although they can do just about any commercial loan as well.
Here’s more info about their loan terms:
- They can usually fund 100% of the Rehab.
- Around 4 points + $130, + title company fees
- Varies with experience and Loan-To-Value. It ranges from 7.99% to 12%
- Twelve months with monthly interest only payments
3. Civic Financial Services
Our next hard money lender is CIVIC Financial Services. CIVIC is a best-in-class real estate lender that provides fast and simple financing to real estate investors. Whether the intention is to buy a single-family home to flip, to leverage an existing portfolio of rental homes to hold long term, or to acquire multifamily real estate for cash flow, they have a focused team and set of products that empower investors to build wealth through real estate.
Here’s some more info about their loan program:
- Up to 80% LTV
- Rehab financing available up to 100%
- 5/1 Arm starting at 4.99%
- 1 year bridge starting at 6.99%
- $100K-7.5M loan amount, higher on case-by-case basis
- SFRs, condos, townhomes, and 2-100 unit properties
- Experienced borrowers & new investors welcomed
- No personal income verification
- Closings in 7-12 business day
Best Hard Money Lenders Ohio FAQ
Who is the best hard money lender in Ohio?
Here’s our short list of the top 3 Best Hard Money Lenders in Ohio:
- Baker Collins
- Dayton Capital Partners
- Civic Financial Services
What do Ohio hard money lenders charge?
Hard money loan rates in Ohio range from 9 percent to 14 percent for shorter and mid range terms. Most hard money lenders also charge points or origination fees on a loan ranging from 1-3%.
Do Hard Money Lenders in Ohio require appraisals?
Many hard money lenders in Ohio will require an appraisal. However, there are several lenders on this list who offer no-doc loans, in which case, it may not be required.
What is hard money in Ohio?
Hard money loans in Ohio are short term loans secured by real estate. These loans are used to purchase and/or rehab residential or commercial properties. They’re more expensive than traditional bank loans but can be closed faster and with less credit requirements.
