Ohio hard money lenders are not subject to the same regulations that govern the banks and other financial institutions. Those regulations can create a mountain of red tape for the real estate investor. They were put into place to protect the homeowner from lending practices that could put their homes in jeopardy, but to the rehabber, they are merely another obstacle to overcome.

A hard money lender in Ohio, or any other state for that matter, offers residential, repair and other loans with less frustration. In some cases, they are able to provide financing when a commercial bank cannot. Not only are banks subject to a number of rules and regulations, their reserves are affected by the economy. In other words, the economic problems that affect individuals and other businesses also affect the banks. When the news is full of words like "recession", conventional lenders stop making loans.

Ohio hard money lenders, on the other hand, are private individuals or small groups with capital of their own, so they still make loans even when times are bad, as long as the borrower has the right collateral. They can make loans more quickly, usually in a matter of weeks. They provide funding for projects, like rehabbing, that are normally difficult and time consuming to get approved, if not downright impossible.

It should not be too difficult to find a hard money lender in Ohio. While some of them serve only small regions, others are nationwide. There are a few states with usury laws that restrict how they operate; Tennessee and New Jersey, for example. In those states, it is sometimes hard for rehabbers to find funding. But, in Ohio hard money lenders are allowed to practice business as usual.

You might be concerned about the idea of borrowing money from anyone other than the banker down the street. Many people are, but The New York Times recently reported that more people will be turning to the private lenders, as traditional lenders are turning them away. It is true that they usually charge higher fees and interest rates than a bank would charge for a traditional mortgage, but closing costs are usually lower. Purchase price and repair costs can sometimes be rolled together, meaning less out of pocket expenses for you, the real estate investor.

You do not need to be concerned that using a hard money lender in Ohio is like borrowing from a loan shark. They are less regulated than conventional bankers, but they are not completely unregulated. They are investors, just like you, only they are investing in the likelihood that you will be able to purchase a house, make the needed repairs and resell it for a profit in a relatively short period of time. You get your return on your investment and they get theirs. They are not looking for properties to foreclose on.

They are not hoping that you will be unable to repay so that they can take your house. In most states, the foreclosure process is lengthy and costly, so they want you to be able to make your payments. Most of them go to great effort to insure that you are capable of making them.

The bottom line is that if you have the need to turn to Ohio hard money lenders, you can be pretty confident that they are not trying to rip you off. The best ones specialize in helping investors with rehab projects. If that's what you do, you might want to give them a call.

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