Financing Locally in Columbus

[Adam Collins]

I'm looking to move on two properties in Columbus to buy and hold.  I'd like to find a local lender that does not typically sell off their loans, but would rather keep them in their portfolio.  I'm hoping for some more flexibility or creativity than I've been hearing from those I've called.  Which is a lot, but I'm always willing to call another one if somebody can point me in the right direction?

[Robert Ellis]

Hi Adam,

I took a look at the MLS locally here in Columbus at some of the homes that were financed in this area (I would always go with a lender that is familiar with this area) and here are a few of the ones i found for duplexes near children's hospital:

Prime Lending - 848-850 Carpenter Street

Hancock Mtg Ptrs LLC - 1145 S Champion Ave

Priority Mtg Corp - 1052 Forest Ave

Pfg Lns Inc - 701 E Kossuth Street

Huntington Nat'l Bk - 1282 Linwood Ave

First Fin'l Bk Na - 1213 S Ohio Ave

Wesbanco Bk - 1277 WILSON Avenue

I'd recommend calling all of these banks for terms, rates, etc. Talk to someone that is familiar with this area. Huntington has some incentives to purchase in low to moderate income areas. Lot's of great resources here. Hope this helps. 

[Chad B.]

Robert Ellis Adam Collins
Depending on the property location, Huntington was offering little to no closing costs if the property was in a "C" area based on their own findings in 2016. Might be worth seeing if they are continuing that in 2017.
My Mortgage Loan Officer was Tracey Larick. PM me if you'd like her info.

[Adam Collins]

Thanks @Robert Ellis and @Chad B..  I am still waiting on calls back from some of them, but the ones I did talk to that keep their loans on their books only do owner-occupied.  But I got even more names and numbers from talking to some people on that list so it's definitely helping me make the contacts I'm looking for. 

I will probably go with conventional financing for these first two deals for which I'm in contract.  But it's always good to build relationships with different lenders; you never know when you'll need another source of financing.  Thanks again for all the help guys!

[Ryan West]

Adam,

We hold our own portfolio loans, as well as do NOO and commercial financing. We are located in Licking County, and have a loan office in Gahanna. If you're interested in discussing some options, I'm happy to do that.

Best of luck in your search.

Thanks,

[Sue Cann]

Does anyone know of any lending institutions in the US that loans to Australians . We currently have bought 5 properties for cash but the money will run out soon . Thanks

[Robert Ellis]

Originally posted by @Sue Cann:

Does anyone know of any lending institutions in the US that loans to Australians . We currently have bought 5 properties for cash but the money will run out soon . Thanks

 Sue, what are of the country are you looking for? what types of properties are you purchasing? I have a  local commercial lender that works with international and out of state clients. gets a lot of deals done that other banks can't. 

[Sue Cann]

Hi Robert,  We are buying in Ohio. We are just about to sell our first fix and flip in Lorain, Ohio. We also have 4 buy and holds, 1 in Cleveland Heights and 3 in Lorain. Now looking into the Columbus market as well. We will be in the States from the 23rd of March. We are currently getting our ITIN. But we only have so much cash. Looking for our next fix and flip as we speak.   So far we've only bought Single family homes, but are now considering multifamilies. Thanks

[Ed W.]

@Adam Collins @Ryan West

Adam, Ryan was probably under some constraint from BP regarding the name of his company.  I don't know Ryan but it sounds like it is likely First Federal of Newark, a company I've done business with for many years.  They may or may not be the best fit for what you want to accomplish but you should definitely talk to them.  They are knowledgeable and are good, common sense real estate people.

FWIW, some years ago one of their owner-occupant borrowers got behind.  I sat down and talked to First Fed and worked out a deal where I could purchase the property subject to First Fed's mortgage without them exercising the due on sale provision as long as my company brought the loan current and wasn't late going forward.  There were some other circumstances related to the original borrower and how I structured my deal with him that helped them say "yes" so I can't say they would just allow a subject to deal no matter what (in fact, I doubt they would).  The bottom line, however, is that they are a very good lender to know and are small enough to listen in the right circumstances.