Find the Best Rates for a Hard Money Loan in Ohio
With an A+ BBB rating, hundreds of closed loans, and direct lending, we are the top choice for hard money loans in Ohio.
Rates Starting at 8.99% on Hard Money Loans
- Enjoy rates as low as 8.99%*+ on hard money loans.
- Rental investment loans start at 6.99%+.
- Fix and flip loans are available from 7.99%+.
- Benefit from low origination fees starting at 1.50% (rate adjustment may apply).
Flexible Terms to Suit Your Needs
- Our loans offer a 1-3 year term with interest-only payments.
- 30-year terms are available for rental property loans.
- Get up to 80% LTV (loan-to-value) and up to 90% LTC (loan-to-cost).
- There are no prepayment penalties.
Quick and Convenient Process
- Experience quick and easy closings within 7-10 days.
- No need for verified income documents or tax returns.
- We offer lending nationwide for commercial and single-family non-owner-occupied properties.
The Thriving Real Estate Market in Ohio
The Ohio real estate market is highly competitive, with varying prices depending on the location. Investing in real estate in Ohio offers numerous opportunities due to factors such as location, local amenities, income levels, demographics, and potential for appreciation.
Top Cities and Neighborhoods for Real Estate Investment in Ohio
Columbus
Columbus is the largest city in Ohio and boasts a robust economy that drives the real estate market. The city offers a range of housing options, from affordable apartments to upscale neighborhoods.
Cleveland
Cleveland’s real estate market has been on the rise, with increasing home values and a low vacancy rate. The city offers diverse neighborhoods, including trendy areas like Ohio City and University Circle.
Cincinnati
Cincinnati’s real estate market has shown steady growth, with rising home values and a low vacancy rate. The city offers a mix of neighborhoods, including historic districts, upscale suburbs, and trendy urban areas.
Akron
Akron’s real estate market has been improving steadily, with rising home values and a low vacancy rate. The city offers a variety of neighborhoods, including upscale suburbs, historic districts, and trendy urban areas.
Toledo
Toledo’s real estate market has been performing well, with rising home values and a low vacancy rate. The city offers a mix of neighborhoods, including historic districts, upscale suburbs, and trendy urban areas.
All these neighborhoods have experienced strong rent growth and appreciation in recent years, providing attractive opportunities for long-term real estate investors.
Once you find the right property in the ideal location, securing reliable and cost-effective financing becomes crucial.
Capital Funding Financial: Ohio’s Premier Hard Money Lender
Capital Funding Financial is Ohio’s #1 hard money lender for real estate investors. We specialize in quick closings, offering loans in as little as 3 days. Regardless of your credit, financial situation, or employment status, we have three investment programs to assist you. Whether it’s a quick cosmetic flip or a full rehab, Capital Funding Financial’s speed and reliability make us the go-to hard money lender in Ohio.
According to Zillow, the typical home value in Ohio is $180,000, with a 10.00% increase in the past year. The real estate markets hottest in Ohio, such as Columbus, Springfield, Canton, and Dayton, are where Capital Funding Financial closes hard money loans.
Top Cities Where We Provide Lending
- Columbus
- Cleveland
- Cincinnati
- Toledo
- Akron
- Dayton
If you’re looking for an Ohio private money lender offering low rates, quick closings, and no income documentation or minimum credit score requirements, Capital Funding Financial is the perfect choice.
Backed by a Family Office with over 1,000 single-family developments and over $250 million deployed in loans across the United States, Capital Funding Financial specializes in asset-based private money loans for non-owner-occupied investment properties, particularly in Ohio.
If you’re a real estate investor, developer, mortgage broker, or individual in Ohio seeking a fast, reliable, and honest partner for rental investment, commercial, or multi-family properties, contact us today for a complimentary consultation. We offer pre-approval letters and soft quotes tailored to your specific scenario.
Frequently Asked Questions (FAQs)
Q: What is a hard money loan?
A: A hard money loan is primarily based on the value of the property rather than the borrower’s income or credit. Traditional banks focus on the borrower’s credit and income when making lending decisions, while hard money lenders like us focus on the collateral’s value. Hard money loans are typically used as a temporary financing option for property acquisition, rehab, stabilization, and subsequent sale or refinancing. They cover all asset classes, including commercial, retail, office, industrial, and residential properties.
Q: Why choose an Ohio hard money loan over a conventional loan?
A: There are several advantages to choosing a hard money loan:
Quick Funding: Conventional banks usually take 30-45 days to finance a residential loan and even longer for commercial loans. With Capital Funding Financial, your hard money loan in Ohio can be funded within 5-10 days.
Property Condition: Traditional banks are hesitant to lend on properties that require repair or lack cash flow. In contrast, private money lenders like us readily provide loans for such properties.
Credit and Income: Traditional banks heavily rely on the borrower’s credit score and income to determine loan eligibility. This often leads to strong income borrowers being denied loans due to high debt. Private lenders like Capital Funding Financial consider asset value rather than debt-to-income ratios.
Q: What types of properties qualify for hard money loans?
- Single-family homes (investment properties)
- Duplex, triplex, and quadplex properties
- Large developments
- Condo conversions
- Multi-family properties
- Mixed-use properties
- Commercial properties (office, retail, industrial)
Q: How long is the term of a hard money loan?
Typically, hard money loans, or bridge loans, have a term of 12 months. However, at Capital Funding Financial, we offer hard money loans for up to 36 months, with a 24-month term and a 12-month extension.
Q: How quickly can hard money loans close?
In some cases, we can close hard money loans within 48 hours if all necessary documentation is in order. On average, the turnaround time is 3 to 7 business days.
Q: How can I qualify for a hard money loan?
Qualifying for a hard money loan is simple. For refinancing, you need equity in your property. For purchases, a down payment of at least 15-20% is required. It’s common practice to have an entity for purchasing properties intended for “business/commercial purposes.”
Q: Are hard money loans a good idea?
Yes, hard money loans offer real estate investors the flexibility to close quickly without undergoing a lengthy underwriting process.
Q: How do hard money loans work?
Hard money loans primarily consider the ratio of the loan amount to the property’s value. Higher leverage carries more risk, while lower leverage provides a safer transaction.
Q: What is the average interest rate on hard money loans in Ohio?
Most hard money loans in Ohio have interest rates ranging from 10% to 12%. However, at Capital Funding Financial, our hard money loan rates start as low as 6.99%.
Q: Do hard money lenders require a down payment?
Yes, a down payment of at least 10% is required for purchase transactions.
Q: What loan documentation do you need to qualify for a hard money loan in Ohio?
For Purchase Transactions:
- Loan Application & Disclosures
- Driver’s License or Passport (ITIN number for Foreign Nationals)
- Purchase Agreement and any addendum(s)
- Proof of Earnest Money Deposit
- 2 Months Bank Statements
- Entity Docs (Articles of Organization, Operating agreement or Bylaws, EIN #, CDD Form, Corporate Resolution)
- ACH Setup Form
- Title Commitment, Survey, HOA/Condo Questionnaire (if applicable), E&O, Wire Instructions, Confirmation of GAP Coverage, CPL, Draft Deed, HUD
- Evidence of Insurance
- Appraisal Payment
- Lease Agreement (if applicable)
For Refinance Transactions:
- Loan Application & Disclosures
- Driver’s License or Passport (ITIN number for Foreign Nationals)
- Payoff Statement or Mortgage Statement (if applicable)
- 1 Month Bank Statement
- Entity Docs (Articles of Organization, Operating agreement or Bylaws, EIN #, CDD Form, Corporate Resolution)
- ACH Setup Form
- Title Commitment, Survey, HOA/Condo Questionnaire (if applicable), E&O, Wire Instructions, Confirmation of GAP Coverage, CPL, HUD
- Evidence of Insurance
- Appraisal Payment
- Lease Agreement (if applicable)
Q: How long does the hard money loan process take to close in Ohio?
Once we receive the appraisal, title commitment, and insurance, we submit the loan to final underwriting. Our average closing time is significantly shorter than that of conventional mortgage loans. Capital Funding Financial closes loans in a third of the time, allowing you to leverage your capital, grow your portfolio, and enjoy better cash flow.
