Looking for the right path to get financing in Ohio

[Tetyana Hubska]

Hello everyone! I am trying to find financing for my first flip and am unable to get answers to my questions around financing. Here is what I'm struggling with: - The financing company (hard money lender) states that they don't do business with individuals, is this a normal practice? What would be the best car scenario for flipping deals - borrow individually, or as a business? - Does anyone have any good RE lawyer contacts in Ohio that proven to do good business with? Thank you in advance! Tetyana

[Darrin Carey]

Hard Money Lenders prefer to have entities as borrowers, but don't always require it. An LLC clearly shows business purpose and shows that it is not a consumer loan. Some of our funding sources require an entity, some do not. In Ohio it is relatively inexpensive to setup an LLC for your flip business. Either set up an LLC, or work with a lender that does not require it.

We have a couple attorneys we work with. PM me with what you need, and I can connect you to the right one for you.