Fix and Flip Loans in Ohio
There are dozens of private lenders to choose from when you want to get a loan for a fix and flip property. Every company has strengths and weaknesses that make them a good fit for some people but not others. It can be a challenge to find the right private lender that offers the features, services, and loan types you need. Venus Capital is the best private lender for fix and flip loans in Ohio for a number of reasons. Let’s talk about them all here.
The Best Lenders For Fix N Flip Loans in Ohio Are Private
Banks are problematic from the get-go, so many investors opt for private lending instead. They are more feasible for residential flipping in 99% of cases. One of their largest benefits is flexibility in approval rates since they cater to people of various income strains, credit scores, and repayment capabilities that work for most people. They must follow the same state and federal regulations as banks, but they have freedom to customize the agreements with loan applicants and determine the type of applicants they are willing to lend to.
Venus Capital – Fastest Private Lending
Private lenders decide all of their own criteria for selecting good candidates for a loan, including credit scores, debt to income ratio, and more for approval. They can therefore accept investors from a much larger applicant pool with similarly high rates of approval compared to banks. Private lenders can also customize repayment terms with affordable monthly or bi-weekly repayment amounts that are more manageable for a wider group of people. The repayment term length is also adjustable to give people more time to repay their loans.
Another stellar benefit of choosing a private lender over a bank for fix and flip loans is the human aspect. Credit and financial histories can paint a very black and white picture of someone’s financial status, but everyone has a story and your financial history may not be a result of poor money management or a lack of income, but rather outside influences such as divorce, loss of job, medical or student debt, and more.
Private lenders will hear you out and assess your financial situation on a more personal level since they don’t solely rely on software and denial programs like banks. They are eager to make loans work for their clients, so they are much more flexible.
Venus Capital Make It Easy For Flipping Loans In Ohio
First, Venus Capital offers an incredibly fast turnaround on releasing hard money funds after a loan agreement is signed on the dotted line. Since residential properties can sell very quickly, speed is a huge asset when jumping on properties under market value to maximize your profits. Venus Capital will pay out the agreed-upon loan amount incredibly quickly to ensure you never miss out on a property. Quick closings are a staple of Venus Capital’s private loans.
Reliable service is another guarantee when working with Venus Capital. Their customer service team is top of the line, and no matter what you need to discuss at a moment’s notice, be it your application, repayment terms, or general questions about borrowing, a service rep will be available and happy to help.
Customized solutions for you, we can beat any lender
The application process with Venus Capital is intuitive and designed to be easy to understand by novices, ensuring you know exactly what stage you’re at and what will happen next. Venus Capital is careful to limit the amount of paperwork required to prevent any applicants from having to endure the usual rigmarole of requesting a loan from any type of lender. Venus Capital has built their reputation on offering smooth, professional loan services, and you won’t find better than their industry-leading customer service.
We also accept a wide variety of clients thanks to their greater flexibility with credit scores. Though they do prefer applicants with a credit score above 630, they are always wiling to consider lower scores since they understand the nature of credit scores and prefer to base their acceptance on other factors. Even with a low credit score, you’ll have access to the same large sums of hard money as anyone else. All you need to do is have a consultation with someone from Venus Capital to discuss your financial history and secure your eligibility.
Another key feature that residential flippers can take advantage of is Venus Capital’s high capital loans. Residential properties can be extremely pricey, especially if you’re looking at properties in major cities. It can be difficult to find a lender with enough capital to loan out tens of millions at once for a real estate investment, but Venus Capital has you covered. Loan amounts reach as high as 3 million, but Venus Capital will also work with you if you need more hard money for your property.
Why Go Private When Choosing Ohio Fix And Flip Loans?
Banks are notoriously inflexible when it comes to getting a loan for residential real estate investments. They are defined by their high interest rates and strict repayment plans. Most investors don’t even get a chance to experience these terms for themselves since qualifying for a bank loan is so difficult in the first place. The main reason that banks are harder to borrow from is that there is a laundry list of regulations and rules that they must abide by – most of which are not determined by the bank itself.
There are federal and state regulations that control how much a bank can lend. What the terms of the loan agreements will look like, and what types of properties they can cover and what financing options they can offer. Banks are ruled by agencies such as Urban Development and the Department of Housing, so employees at these banks have absolutely no wiggle room when establishing your qualifications for a given loan.
Applicants must also follow a very restrictive approval program controlled exclusively via software that does not account for personal circumstances. The approval program offers very little leeway in the application process, and it is quite rigid in that you either meet the requirements or you don’t. All of these rules are set out beforehand, so there can be no special treatment or bending of the rules even if you believe you should qualify and are a good risk for the bank.
Another key reason that banks just aren’t up to the task of lending for your fix and flip loans is that they rely solely on things like financial histories and credit scores for approval, and self-employed individuals struggle to produce regimented financial histories and reliable income year-after-year. Anyone with flexible earnings will most likely be rejected by a bank since their software will deem self-employed people as too high of a risk for large sums.
Why Flip Real Estate In Ohio?
Ohio succumbed to the recession the same as every other state, but since then it has been steadily developing a thriving economy with a reliable year-over-year population growth that develops demand for new homes. Opportunities for fix and flip investors is high in Ohio since the pandemic as well, with high foreclosure rates giving flippers an excellent pool to choose from, all at below market value. The average revenue generated from a flipped home in Ohio is roughly $76,000. It is currently one of the hottest flip markets nationwide with more than 4000 flips in the last 12 months.
If you’re looking to get into the game of fix and flip in Ohio, the best places to get started include Columbus, Cleveland, Cincinnati, Toledo, and Akron. For best results flipping homes in Ohio, choosing the neglected or foreclosed-on mid-range homes in good areas prove to be the most profitable option with an average of $17,000 greater profits per flip than the national average. The rate of appreciation is fantastic in Ohio when you look at the year-over-year growth, so your ROI is virtually guaranteed when you purchase below the market average. Flippers will have a great experience conducting their fix and flips in Ohio.
The Residential Real Estate Market In Ohio
As of June 2021, the Ohio real estate market has seen a 10.2% uptake in sales compared to June of 2020. Home values across Ohio reached an average of 240,000, marking an 8.1% increase from the year before. Homeowners state-wide are taking great advantage of historically low interest rates regardless of the low inventory of homes on the market. Homes are selling quickly and the market is bouncing back from one of the toughest years we’ve had in quite a while.
On more of a general note, the eastern and central areas of Ohio are enjoying the highest home prices, with Grandview Heights, Marble Cliff, Corning, Riverlea, Upper Arlington ranking in the top 5 for appreciation since the early 2000s. The average market rent in Ohio is under $1000 per month, with a roughly 36% renting rate in the state. Single-family homes make up nearly 70% of the market, meaning there is significant room for flippers in Ohio wanting to take advantage of the fix and flip investment style.
Due to the historically low interest rates engineered by the Covid-19 pandemic, the Buckeye State is experiencing a seller’s market – making it incredibly easy for flippers to buy low and sell high and quickly. There is a projected home price growth of 10.4% over the next year, so now is the perfect time to buy homes below market rate to flip for easy profits. The drastic increase in prices in the last year means that the market will soon begin its turn towards slower buy rates as the market becomes more saturated with sellers wanting to take advantage of these higher home prices. This is good news for buyers in the coming months since the market will take on a more balanced state with active sales and quick buys.
The pandemic has caused higher-than-average foreclosure rates in Ohio, creating the perfect market for fix and flip investors.
How do you get a fix n flip loan in Ohio?
Ideally, applicants should have documentation of self-employment (LLC) or can get it done soon and ideally have done few flips or purchases in last three years. Liquidity for 20% down payment and 10% of rehab budget ready on hand. You can use a private loan from Venus for a variety of applications with real estate and house flipping:
- Purchase/ Rehab (100% rehab funds to you)
- Buy to Rent
- Buy and Hold 30 yrs (no rehab)
- Portfolio Rental Loans (500k to 20mn)
- Cash out refinance get 80%
- Bridge Loans with rehab
Other areas Venus serves with fix ‘n flip lending is Charlotte. You can check out our flipping calculator here to see more info or you can apply here for fix and flip loans.
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