Hard money lender in Ohio?

[Chad C.]

Hi BP,

I am a RE investor.  I bought and closed on my first property (6 units) in Nov.  And now I am looking to close on a 2nd property (6 units) in April.

I bought and funded the rehab on the 2nd property with cash for $85.6K.  I am supposed to refi and close 4/11 or 4/12 with the bank & title agency.  

But I got myself in a pickle and my drop dead date is 4/12 @ I need to repay the original investor within 24 hrs.

Just wondering if the BP community can direct me to a hard money lender who will be able to lend in such a short notice.

Thanks and much appreciated.

[Bill Devola]

I would think you want more bridge financing than hard money.  I dont know what the property comps out at, but hard money guys want good space between loan amount and market value.  Plus they wont like the pay off in a week. 

Bridge funding sounds like its more up your alley.  I've never used transactional funding, but I dont think this scenario would qualify.  But you should check with them. 

This isn't part of the scope of the original question, but your cash guy cant wait 2 or 3 days extra to get his money?  You're going to pay so much in fees on any loan you get for the extra 2-5 days it'd be well worth everyone's while to sweeten the pot a bit for your cash lender.