Brand New Investor looking for Lender

[Miguelli Fernandez]

Southern California based but looking into buying SF or MF in Cleveland.  Have multiple local lender options but considering the lender my agent is recommending.  Aside from the lender being vetted by the agent already, are there any other positives or negatives to using a lender in the market im looking into?

[Evan Hopple]

Quote from @Miguelli Fernandez:

Southern California based but looking into buying SF or MF in Cleveland.  Have multiple local lender options but considering the lender my agent is recommending.  Aside from the lender being vetted by the agent already, are there any other positives or negatives to using a lender in the market im looking into?

A negative would be chasing the best rate with a lender that can't get the deal done.

[Ko Kashiwagi]

Making sure the lender has references and credibility is important! A lot of factors go in to loans including ease of process, communication skills, closing timeline, variety of options, flexibility and off course rates & terms

[Jaren Licalzi]

Hey Miguelli, I work for an off market brokerage that specializes in off market distressed/Value add deals, We have a sister hard money lending company called Sherman Bridge, they can lend up to 90% of purchase price, fund all of rehab, No PPP, 10-13% interest and 1-3 points. Would love to connect.

[Samuel Diouf]

A difference I have noticed is that local lenders are often able to process the loans quicker in their areas.

[Bob Stevens]

Quote from @Miguelli Fernandez:

Southern California based but looking into buying SF or MF in Cleveland.  Have multiple local lender options but considering the lender my agent is recommending.  Aside from the lender being vetted by the agent already, are there any other positives or negatives to using a lender in the market im looking into?

 Do you have a deal ? Lenders are everywhere. When you are ready to close and have the 20% down 35k at least feel free to reach out. I can connect you with a local broker. 

[Erik Estrada]

Quote from @Miguelli Fernandez:

Southern California based but looking into buying SF or MF in Cleveland.  Have multiple local lender options but considering the lender my agent is recommending.  Aside from the lender being vetted by the agent already, are there any other positives or negatives to using a lender in the market im looking into?

 Hi Miguelli, 

Depending on the loan type you would want to have a dedicated specialized lender. Someone that only does your typical A Paper Conventional/FHA loan is going to have a different input than someone that only does commercial and business purpose residential loans.

You will also want to look at reviews, licensing, and closings to make sure you are working with an experienced lender. 

[Adam Rettemnier]

Using a lender based in the market you're looking into, like Cleveland, can have several advantages. Local lenders are often more familiar with the nuances of the local real estate market, which can be a significant benefit when it comes to appraisals, property values, and understanding neighborhood trends. They also typically have established relationships with local appraisers, attorneys, and title companies, which can streamline the closing process.

On the flip side, while a local lender may have these benefits, the most important factor is working with someone who understands your investment strategy and can offer competitive terms tailored to your needs. If the lender your agent recommends has been vetted and has a strong track record, it might be worth considering them, even if they're not local to the Cleveland market.

Ultimately, the best lender is one who offers you the best combination of local market knowledge, competitive terms, and personalized service. If you’re looking for a lender who can provide that while being deeply familiar with the Cleveland market, I’d be happy to discuss how I can help make your investment a success.

[Givo Aghasi]

1. I'd recommend working with a mortgage broker as they have access to many different types of lenders with various loan programs that could be best suited for you. They'll save you time as they do the work of searching for the best lender for your situation. Also, do the research and read reviews on them before spending your time & energy contracting & explaining your goals with them. Your time is valuable and better off spent finding deals, so work with reputable people who will make your life easier. Most lenders ask for the same basic initial information; what your goals are, what market you're looking in, budget, FICO, liquidity, etc, so having some of these readily available will help. Best of luck to you!

[James Wise]

Quote from @Miguelli Fernandez:

Southern California based but looking into buying SF or MF in Cleveland.  Have multiple local lender options but considering the lender my agent is recommending.  Aside from the lender being vetted by the agent already, are there any other positives or negatives to using a lender in the market im looking into?

We've got a whole rolodex of investor lenders for Cleveland investors.
https://www.holtonwisepropertygroup.com/financing/

[Simon Ashbaugh]

Quote from @Miguelli Fernandez:

Southern California based but looking into buying SF or MF in Cleveland.  Have multiple local lender options but considering the lender my agent is recommending.  Aside from the lender being vetted by the agent already, are there any other positives or negatives to using a lender in the market im looking into?

Hey Miguelli, adding to what others have already mentioned, local lenders know the ins and outs of the market like the back of their hands. They've got their fingers on the pulse of what's happening, so they can hook you up with loan programs that might be perfect for your specific situation. Hope this helps!

[Virginia VanOeveren]

Quote from @Miguelli Fernandez:

Southern California based but looking into buying SF or MF in Cleveland.  Have multiple local lender options but considering the lender my agent is recommending.  Aside from the lender being vetted by the agent already, are there any other positives or negatives to using a lender in the market im looking into?

Hi Miguelli, I'm willing to connect with you to discuss more about the loan you're interested about!

[River Sava]

Hey Miguellei - While using a lender your agent recommends can be beneficial since they’re already vetted and familiar with the market, it's also worth considering the value of building a relationship with a lender who can work in various markets. 

Here’s why: As you expand into different markets, having a go-to lender who understands your overall investment strategy can be a huge asset. They’ll already know your financials and goals, which can streamline the approval process when you’re looking to scale. Plus, they'll often have more flexibility and resources, which can come in handy if you run into any challenges or need to pivot quickly.

On the flip side, a local lender might have more market-specific insights and connections, but they might not be as versatile if you decide to invest in other areas down the line.

Ultimately, it’s about finding a lender who aligns with your long-term plans, whether that’s local or nationwide. Always happy to connect and discuss further with you, good luck!

[Mike Klarman]

There's better markets than Cleveland I'd say. I know the cheap prices attract people there but depreciation is a real factor in that market. You'll get a house under contract and close using a bridge loan and the appraisal came back with an ARV of 200k let's say and now 5 months later you are ready to sell and you can't even get 175k anymore. That's happened to a few clients of mine that were in Cleveland.

[Regina Blake]

Hi, yes there are a lot of Lenders you can use of your choice. Ohio is a good place to invest in real estate according to your plans. Feel free to reach out with any questions. Thanks!