CLOSE IN 48 HOURS OR LESS! READY TO GET STARTED ON YOUR NEXT DEAL IN OHIO?
A seasoned husband and wife investment team purchased a highly distressed property with cash for an immediate closing. The home was fully gutted and needed a complete rehab. EquityMax provided a rehab loan, all upfront with no draws, to enable them to successfully complete the renovation without incident or delay.
|Location – Columbus, OH|
|Loan Amount – $40,000|
|Purchase Price – $50,000|
|Loan Type -REFI|
|Term – 12 Months – 17 years (Borrower Option)|
|Rehab Amount – $40,000|
|Actual Retail Value – $135,000|
|Profit – $45,000|
Property assessment and corresponding market valuations are rising in cities like Columbus as the municipality issues tax abatements and other incentives to encourage people to buy and renovate properties.
Cost of Living
Ohio has a cost of living below the national average with rentals and housing costing much less than nearby major markets like Chicago.
Ohio’s housing market is seeing steady growth with its population slowly rising across a variety of state metro regions. As a result, market values have increased with a limited amount of family-friendly homes available.
The average value of homes in Ohio is $170,492 with single family properties in the state going up by over 11.0% in the past year alone. By purchasing a lower priced asset less than $75K, the borrowers were looking at a large potential profit spread. Though a sizable rehab job ensued, because of the low price point entry, the borrowers were still able to earn a considerable margin on this particular deal.
Their staff can’t be beat with the level of service they have provided on several deals thus far. I have yet to find an easier hard money lender to work with, that’s why EquityMax is always going to be my first and only option.
High LTV / Low Rates / Flexible Term
Minimal Insurance Requirements
Zero Prepayment Penalty
ZERO Credit or Qualification Requirements
No Personal Guarantee Required
Free Comparable and Repair Analysis
Catering to Real Estate Wholesalers
1-3 Day Funding
Minimal Notice to Close
Invest through a Self-Directed IRA or Solo 401K
Net Proceeds from Investing are Tax-Deferred
No Personal Guarantee
Several of EquityMax’s current borrowers investing in the greater Cleveland area had previously invested with the company in their “home” region of South Florida. As the market became more competitive, these same investors moved to Cleveland where there were cheaper and more plentiful residential investment opportunities.
EquityMax lends on any form of residential property, including single family homes, 1-4 multi-unit properties, condominiums & townhomes, and even small apartment complexes (20 units or less). We also lend on commercial property and industrial warehouses.
EquityMax can send a borrower a Proof of Funds within 5 minutes of receipt of an acceptable, three-score credit report. If a borrower does not have a recent report, he/she can request that Equitymax pull it. For instructions, please click here.
Yes. EquityMax has multiple borrowers with several active loans in our portfolio.
EquityMax does not require our borrowers to be a Corporation of LLC. We can originate loans to individuals, LLCs, Corporations, Land Trusts, and Self-Directed IRAs.
EquityMax lends on real estate throughout the state of Ohio. We are not geographically limited as to where we will finance in the state. While Cincinnati and Cleveland are great markets to invest it, for instance, we will also lend in other parts of the state as well.
EquityMax will lend in urban, suburban, rural, and agricultural areas of the state.
While EquityMax is not a licensed real estate broker in Ohio, we have partnered with several real estate companies, wholesalers, etc… that are actively selling real estate in your area. Feel free to reach out to us and we will connect you with various sellers of real estate throughout Ohio.
We are routinely in local markets going to REIA meetings in Cincinnati, Columbus, and other parts of the state. We are happy to meet and get to know our borrowers.