Columbus, OH Rental Renovation Project Seeking Financing

[Mikael Winkler]

Hello all,

My name is Mikael Winkler, and I'm an investor in Columbus, OH. I recently purchased a duplex, which I'm looking to renovate and rent out. Currently, my wife and I live in one unit, with the other vacant. We have completed some of the work on our unit, but are seeking financing to complete the rest of the project. 

We have already selected a contracting firm to complete the work and have a scope of work for around $18,000 to complete it. I am seeking financing of $25,000 to cover any possible unforeseens. My units are in Merion Village, and after renovation, I anticipate rental rates of $850. My units are each 2 bedroom 1 bath and 988 SF.

I was working with one of the larger financial institutions in Columbus to acquire financing, but they were unable to lend because my debt to income isn't ideal at the moment. This is largely because we acquired this property so recently and are looking to renovate quickly, as the previous tenants did not take care of the units. I do understand the larger banks are more rigid in their lending criteria, so I'm ideally looking to speak with someone at an institution more willing to work with me individually based on my plan for the property. I, of course, can and will provide a full outline of our renovation schedule and how the loan will be repaid, etc. Any assistance is greatly appreciated!

Thanks!

Mikael Winkler