Rehab Financing for Fix and Flip in Columbus, Ohio

[Edward Aaron Itayim]

Hello all, 

Over the last couple months, I have been getting a strategy together and seeing what would be the best fit for me in real estate. I am ready to get going but I had some financing questions. I am in the Columbus, Ohio area and interested in fix and flip single family homes. Are there lenders in our area that loan for projects like this? What are some likely terms? Can you get the cost of rehab financed as well? I know I could go through a bank, but I have not found any that would do cost of renovation as well? I thought I saw a company that would do 85% plus 100% of the renovation budget, but it was an out of state company. Just wondering if anyone had any luck around here. I have a modest budget and imagine there is a minimum loan amount. Thank you for any help. 

Ed

[Robert Ellis]

Originally posted by @Edward Aaron Itayim:

@Robert Ellis. Thank you. I am a local attorney and run my own practice with my two partners. I don’t think the income verification will too much of an issue and my budget is modest around $100k for the property. I have a partner I am going in with. Both of us have good credit etc. Do you know what terms are generally for hard money loans in our area? Private lender? I don’t think with my budget and the homes I am looking g at conventional financing will be an option. Thanks again!

 For just interest expect to pay around 16% and for hard money probably 3 points and 12-13%. Check out COREE there are always hard money guys but they can be as high as 5 points which i'd never pay in columbus