Rental Property Investor · Cleveland, OH · Member since 2019 · 67 posts · 37 votes
Hi All,
Can anyone refer a local long-term lender for the Cleveland area? The criteria I am looking for is as follows:
1-4 units Asset value or ARV = $100,000 or less Loan at 80% LTV, so $80,000 or less (could do 75% LTV) 30 year fixed, IO available (can discuss) Rentals, ideally fully occupied at refinance No seasoning required Open to portfolio loans
I am covered on the higher end of this ($100,000+) but need help on the smaller end. We can discuss requirements and limitations.
Real Estate Agent · Cleveland, OH · Member since 2020 · 280 posts · 365 votes
6y
@Michael Reilman I have a guy would be worth talking to. I'm pretty certain he can help. His name is Greg. I will make an email introduction for you if you like.
Rental Property Investor · Cleveland, OH · Member since 2016 · 653 posts · 769 votes
6y
A lot of lenders have minimum loans of 60k (80k purchase) so always be up front with what your low end is. I see a lot of new investors looking at these 50-80k properties and those are much harder to find lenders for than even the 80-100k range.
@Michael Reilman I have a guy would be worth talking to. I'm pretty certain he can help. His name is Greg. I will make an email introduction for you if you like.
Rental Property Investor · Los Angeles, CA · Member since 2016 · 172 posts · 122 votes
6y
I too am looking for a lender with similar criteria as @Michael Reilman.
1-4 units Asset value or ARV = $100,000 or less Loan at 80% LTV, so $80,000 or less (could do 75% LTV) 30 year fixed Rentals, ideally fully occupied at refinance No seasoning required Portfolio loan