Hard Money Calculator

Ohio Hard Money Loan Calculator

Enter your deal to see how much you can borrow, your rate and points options, and the cash you'll need to close. Choose a project type for fix and flip, bridge, ground-up construction, or 30-year rental (DSCR) loans. Pricing based on current industry rates.

The project
You

Flips, ground-up builds, or rentals you bought, renovated, and sold or held.

Your middle score of the three bureaus. 650 minimum.

The numbers
$
$

Leave blank if it matches the purchase price.

$
$

Expected value once the work is finished, based on recent comparable sales.

Hard money loans for Ohio real estate investors

This calculator is set to Ohio. Pick a project type (fix and flip, bridge, ground-up construction or a 30-year rental loan), enter the property ZIP code and your numbers, and it prices the loan under current investor lending rules. You get the loan amount, rate and points options, monthly payment and cash to close. It covers single-family homes, 2–4 unit buildings, condos, townhomes and PUDs held as investments, from Cuyahoga and Franklin counties to Hamilton, Montgomery, Lucas and Summit.

Why the ZIP code matters so much in Ohio

Ohio flips often turn a cheap house into one worth far more than its neighbors. Lenders check for that. On a single-family flip, the calculator compares your after-repair value (ARV) with the typical home value in the ZIP code, and if the ARV is more than twice that figure it cuts leverage by 10 points and raises the rate.

Take a 1–4 flip investor with a 720 score buying a Cleveland house for $110,000, with a $70,000 rehab and a $260,000 ARV. In West Park (44111), where a typical home is worth about $153,000, the ARV is 1.7 times the ZIP value. The calculator lends $166,500: $99,000 at closing (90% of the price) and $67,500 of the rehab, so you put $11,000 down and cover $2,500 of the work.

Move the same deal to the near west side (44102), where a typical home is worth about $125,000, and the ARV is 2.08 times the ZIP value. The loan drops to $148,500: $88,000 at closing (80%) and $60,500 of the rehab. Your down payment doubles to $22,000, you pay $9,500 of the rehab yourself, and each rate option is higher. If the comps only support a $240,000 ARV in 44102, the ratio falls under 2 and the loan goes back to $166,500. So a more conservative ARV can get you a bigger loan. Check your ARV against the neighborhood before you assume the top of the range.

Ohio prepayment rules on the refinance

Many Ohio investors keep the house and refinance into a 30-year DSCR loan. Ohio law limits prepayment penalties on smaller residential loans, and current lending rules apply that to 1–2 unit DSCR loans in two ways. Below about $116,000 the loan has no prepayment penalty at all. At or above that amount, the only penalty allowed is a flat 1% for five years, not the usual 5-4-3-2-1 step-down.

Say the 44102 house is worth $150,000 after the rehab and rents for $1,450 a month, with $3,300 in annual taxes and $1,500 in insurance. A 75% cash-out refinance is $112,500, under the limit, so the quote comes back with no prepayment penalty and a DSCR of about 1.17. The West Park house at $260,000 and $2,100 a month supports $195,000, above the limit. If you ask for a 5-year step-down, the calculator switches it to the 1% flat option, which still prices lower than a loan with no penalty. Try it in the DSCR loan calculator.

What's different about investing in Ohio

Point-of-sale inspections. Cleveland Heights, Shaker Heights, Euclid and a number of other suburbs require a city inspection before a sale, and the violations it finds have to be repaired or escrowed. Get the report early. It can add thousands to a rehab budget that looked finished.

Sheriff sales go through the courts. Ohio foreclosures are judicial, and most large counties now run their sheriff sales online. The court must confirm a sale before the deed is issued, and the balance is usually due within 30 days of confirmation. Line up a bridge loan that can wait for that.

Closing costs are modest. Ohio has no mortgage tax. The seller normally pays the conveyance fee: $1 per $1,000 of the price to the state plus up to $3 per $1,000 for the county.

Taxes follow the county reappraisal. Counties reappraise every six years with an update at year three, and recent rounds in Cuyahoga and Franklin raised values sharply. Rentals also miss the credits owner-occupants get. Use the county auditor's current value, not the old bill, when you estimate holding costs and DSCR.

Older housing stock. Much of Cleveland, Toledo and Dayton was built before 1978. Cleveland requires rentals of that age to have a lead-safe certificate, so put lead-safe work in the rehab scope if you plan to rent.

Which Ohio loan fits your project

  • Fix and flip: purchase plus rehab paid in draws, sized against the after-repair value and checked against the ZIP code.
  • Bridge: short-term purchase or refinance with no rehab, for sheriff sale buys and quick closings. See the bridge loan calculator.
  • Ground-up construction: land plus build budget for infill lots in Columbus and the growing suburbs around it. See the construction loan calculator.
  • DSCR rental loan: a 30-year loan qualified on rent instead of personal income, with Ohio's prepayment limits built in. See the DSCR loan calculator.

What drives your rate in Ohio

Experience, credit score, loan amount, property type and, for flips, how big the rehab is next to the price. On a flip the state doesn't change the rate by itself, but the ZIP code check above can. On a rental loan, Ohio adds a small state adjustment at higher loan-to-value ratios. Enter the real ZIP and your middle credit score, and run the refinance before you buy so you know the rent will carry the long-term loan.

Related calculators

Frequently asked questions

Can I get a hard money loan in Ohio?

Yes. Fix and flip, bridge, ground-up construction and DSCR rental loans are available for 1–4 unit investment properties across Ohio, including Cleveland, Columbus, Cincinnati, Dayton, Toledo, Akron and Youngstown. Choose your project type and enter the property ZIP code to see pricing.

Why does the ZIP code change my Ohio flip loan?

On a single-family flip, the calculator compares your after-repair value with the typical home value in the ZIP code. If the ARV is more than twice that figure, leverage drops by 10 points and the rate goes up. In the Cleveland example on this page, the same $260,000 ARV deal gets $166,500 in 44111 and $148,500 in 44102.

Does Ohio allow prepayment penalties on rental loans?

Only in a limited form on 1–2 unit properties. Under current lending rules, a 1–2 unit DSCR loan below about $116,000 carries no prepayment penalty at all, and a larger one can only use a flat 1% penalty for five years. Buildings with 3–4 units can use the usual step-down options. The DSCR calculator applies these rules automatically when you pick Ohio.

What is a point-of-sale inspection in Ohio?

Some Ohio cities, especially inner-ring suburbs of Cleveland such as Cleveland Heights, Shaker Heights and Euclid, require a city inspection before a house can be sold. Violations have to be fixed or escrowed, often by the buyer. Ask for the report before you make an offer and add the repairs to your rehab budget.

How long does an Ohio sheriff sale take to close?

Ohio foreclosures go through the courts. After the sheriff sale, the court has to confirm it before the deed is issued, and the balance is usually due within 30 days of confirmation. That can take several weeks, so a bridge loan for an auction purchase needs an approval that stays good until then.

Ready to lock in terms? Request a free quote.

Estimates are for planning only and are not a commitment to lend.