Do you know of a portfolio lender in Ohio?

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Do you know of a portfolio lender in Ohio?

Account Closed
Investor · Colorado Springs, CO · Member since 2016 · 72 posts · 10 votes

Hi everyone

I currently live in Colorado and am considering investing in some buy and hold realestate in Ohio.

Does anyone know of (or are you) a portfolio lender?

My situation is a bit different than most in that I have recently moved from Australia and am not a US citizen. I'm here on a work visa that i plan to renew indefinitely but it is a problem for some lenders. I've also only been working for a short time (3 months).

Having said that, i have a good credit score, no debts / defaults and a reasonable amount of cash. 

I've managed to secure lending in Colorado through a local bank (so it is possible!) that does portfolio loans for reasonably good rates / terms and would like the same in Ohio. 

I don't really want to approach the large banks as they typically don't have appetite for this and would like to speak with a bank that has a degree of flexibility that can look at a deal on it's merits.

In Australia i worked  for a large bank for 10 years and have lending experience among other things so i can put a deal together if the person i am talking with is prepared to have a discussion rather than tick a box if you know what i mean. I also have real estate experience and my family have been property developers for over 20 years.

Apologies for the long post but hopefully this will provide those with the right contacts to chime in based on the situation.

Many thanks for your help everyone!

Rudi

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Ken Badziak
Miami Lakes, FL · Member since 2015 · 133 posts · 83 votes
10y
You can always ask the Dingo Investor, Engelo over at Ohiocashflow.com!
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  • Federico Gutierrez
    Realtor · Cleveland, OH · Member since 2015 · 2k+ posts · 857 votes
    10y

    How long you been in USA mate?

    Tempted to know how you have good credit if you've only been here short term

    Is your income w2 or 1099?

    0Reply
  • Ken Badziak
    Miami Lakes, FL · Member since 2015 · 133 posts · 83 votes
    10y
    You can always ask the Dingo Investor, Engelo over at Ohiocashflow.com!
    1Reply
  • Account Closed
    OP
    Investor · Colorado Springs, CO · Member since 2016 · 72 posts · 10 votes
    10y

    Hi Federico

    I came here a few years ago on holidays and got two secured credit cards - one for 500 with Wells Fargo and one for 300 with bank of America.  I used them while in Australia for minor purchases - mostly iTunes and Amazon that kind of thing. I paid them off in full each month. 

    They report to the credit bureaus and since I managed them well I have a score in thelw 700s - not the absolute best but nothing that would alarm a lender. It's difficult to improve beyond that because I don't have an auto loan or another type of installment loan but that will change once I purchase a property. 

    Hopefully that makes sense? 

    Ken - thanks - I absolutely want to connect with him. He will be able to give me a sense of how things work in Ohio whilst balancing it with the Australian perspective.  He's no. 1 on my 'gotta buy that guy lunch' list :) 

    1Reply
  • Federico Gutierrez
    Realtor · Cleveland, OH · Member since 2015 · 2k+ posts · 857 votes
    10y

    Im surprised the bank in Colorado is willing to finance you. Take no offense from that statement

    BUT AS AN Aussie here in the US it took me 3hrs to get legit credit. You have credit based of $1000

    That shows you have payment history on that but what if you get $100000, that's much bigger risk for any lender. Have to see it from their side they are protecting their necks

    0Reply
  • Michael Jones
    Columbus, OH · Member since 2015 · 1 post · 1 vote
    10y

    I've used CS Bank, now call First Merchants Bank.

     Bob Main

    Business Banking Officer
    First Merchants Bank
    1669 West 5th Avenue | Columbus, OH 43212

    1Reply
  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    10y
    Originally posted by @Ken Badziak:

    You can always ask the Dingo Investor, Engelo over at Ohiocashflow.com!

    Thanks for the mention Ken,

    Lima One Capital and B2R do portfolio loans that are asset based.

    I hate lenders by the way hehe

    Cash is King, Cashflow is the Queen and finance is the Peasant lol

    Much succes :)

    Podcast Guest on Show #89
    Oz Realty4.5367 Reviews
    WebsiteView Page
    1Reply
  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    10y
    Originally posted by @Federico Gutierrez:

    Im surprised the bank in Colorado is willing to finance you. Take no offense from that statement

    BUT AS AN Aussie here in the US it took me 3hrs to get legit credit. You have credit based of $1000

    That shows you have payment history on that but what if you get $100000, that's much bigger risk for any lender. Have to see it from their side they are protecting their necks

    Same here mate,

    Can't do S#$% with finance and have been here 5 years now and Ohio Cashflow has done millions in revenue.

    Funny how it works with the whole credit score thing lol

    Much success

    Podcast Guest on Show #89
    Oz Realty4.5367 Reviews
    WebsiteView Page
    0Reply
  • Account Closed
    OP
    Investor · Colorado Springs, CO · Member since 2016 · 72 posts · 10 votes
    10y

    It took me about 10-12 banks I spoke to and the one that agreed is in a small town but will lend anywhere in Colorado.  

    If I can get to a decision maker and they have some policy flexibility I can normally get the deal together because I have lots of banking and finance experience.

    On top of this, lenders look at the whole picture and when they can see history of professional employment, solid real estate experience and a good cash deposit they will budge if you structure the deal right. 

    I hear you've had trouble and to be honest I heard that from lots of people and yet I have the approval and am ready to do. Don't give up if you want it you can make it happen.

    More than happy to help anyone out in any way I can - I want to contribute here as you have all be so helpful to me. 

    Michael - thank you kindly. I'll give Bob a go! Appreciate it. 

    Engelo - thanks for those leads - I'll make time to see them on my upcoming trip to Ohio. I've also sent you a connection request.  

    1Reply
  • Account Closed
    OP
    Investor · Colorado Springs, CO · Member since 2016 · 72 posts · 10 votes
    10y

    Federico - I don't take any offence.  Credit in the US is a complete pain in the butt. I just want to encourage you (and others) that it IS possible.  

    0Reply
  • Lindsay Stewart
    Investor · Melbourne, Victoria · Member since 2015 · 203 posts · 58 votes
    10y
    Wow Rudi. You have done well! Good luck with it. I am an Australian investor working in Michigan region but have not any any such luck with the banks. Hoping to build a credit score over the next few years though Cheers Lindsay
    0Reply
  • Account Closed
    OP
    Investor · Colorado Springs, CO · Member since 2016 · 72 posts · 10 votes
    10y

    Thanks Lindsay.  It took a bit of effort but it's not impossible.  I had plenty of no's. I found a referral from a realtor that's well respected and got and intro to the bank that way. You could try something similar. 

    Again my lender is in a small town I. Colorado and it's a small bank. But, it's great for want I'm doing. 

    Also, things Re changing credit wise and what may have been a no in the past could be a yes today. Worth revisiting I believe.  

    0Reply
  • Sunny P.
    Investor · Cincinnati, OH · Member since 2016 · 90 posts · 5 votes
    10y

    @Account Closed congrats on your success in Colorado.  I am no lending expert but I would think it would be even harder to get a loan in another state because of your unique situation.  Have you talked to any hard money lenders?  

    0Reply
  • Account Closed
    OP
    Investor · Colorado Springs, CO · Member since 2016 · 72 posts · 10 votes
    10y

    Thanks Sunny. That may be true but I'm willing to give it a go! 

    The problem with hard money is that I'm looking for long term buy and hold and hard money is typically short term and too expensive to make numbers work.

    If there are hard money lenders that do buy and hold for reasonable rates I be absolutely interested in connecting with them.

    Thanks! 

    0Reply
  • Account Closed
    OP
    Investor · Colorado Springs, CO · Member since 2016 · 72 posts · 10 votes
    10y

    Anyone else have recommendations for a portfolio lender / small bank in Ohio?

    Thanks

    Rudi

    0Reply
  • Adam Fansler
    Investor/Agent · Mechanicsburg, OH · Member since 2015 · 138 posts · 56 votes
    10y

    I have used Union Savings in Columbus in the past for portfolio loans. Good luck!

    1Reply
  • Account Closed
    OP
    Investor · Colorado Springs, CO · Member since 2016 · 72 posts · 10 votes
    10y

    Awesome thanks Adam. Do you have a contact name that you've found good to work with? Sometimes the person makes all the difference! 

    Thanks so much. 

    0Reply
  • Michelle Suiter
    Real Estate Investor/ Lender · Newport Beach, CA · Member since 2014 · 36 posts · 10 votes
    10y

    @Account Closed there are asset based lenders that are a great option. See you are in COS. Love that area. Have investment property there. They have been great investments for appreciation and cash flow. See you are interested in OH - good cash flow areas. Want to know more about asset base, single property or portfolio loans message and let me know. Happy to share info. 

    0Reply
  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    9y
    Originally posted by @Adam Fansler:

    I have used Union Savings in Columbus in the past for portfolio loans. Good luck!

     I've chatted with the guy at Union Savings in Columbus and I can say he is very knowledgeable. Great referral. Anyone looking for a great lender in Columbus talk to Adam.

    [email protected]786-494-6766
    Section 8 Launch52 Reviews
    WebsiteView Page
    0Reply
  • Michael Wentzel
    Investor · Colorado Springs, CO · Member since 2013 · 643 posts · 280 votes
    9y

    @Account Closed

    Hey Rudi. I have a number of properties in Colorado. I'm actually in the process of looking for another portfolio lender in Colorado. Can you PM me the small bank you are using for Colorado loans?

    I also just purchased our first rental in the Ohio market. We have built a bit of experience in Colorado, but we are slowly wading into the great midwest. Which market have you chosen in Ohio?

    Mike

    0Reply
  • Account Closed
    OP
    Investor · Colorado Springs, CO · Member since 2016 · 72 posts · 10 votes
    9y

    Hey Mike 

    I've settled on Columbus.  

    I was looking in Cleveland but their point of sale inspections spooked me and I didn't want to have to deal with that. 

    The bank I use is Legacy Bank in Pueblo - Mark Magnone.  

    He's awesome ! 

    0Reply
  • Mieshawn S.
    Real Estate Agent · Twinsburg, OH · Member since 2016 · 14 posts · 9 votes
    9y
    Ever thought about starting a company? Doesn't require citizenship, I believe and you would be able to build business credit. I'm not an accountant or attorney. I'm just saying
    0Reply
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