Much of Akron was built in a hurry for rubber-plant workers, and a century later those wood-frame singles and up-and-down two-families still trade constantly. Many of the best ones sell as estates or tired rentals that a bank will not touch until they are fixed and leased.
In short: LendingStreet makes short-term, interest-only bridge loans on 1-8 unit investment property in Akron and the rest of Summit County, from $150,000 to $5M+ with rates from 7.99%. Loans can close in as little as 10 days, and some programs need no appraisal. Most Akron investors use the bridge to buy a vacant or under-rented building, finish light work and leases, then refinance into a long-term DSCR loan.
Highland Square and West Akron draw renters who want walkable streets and older character homes, and the larger houses there are often split into two or three units. North Hill, Kenmore, Firestone Park and Goodyear Heights are the old factory neighborhoods, full of modest singles and two-family homes that rent steadily but often need updating when they change hands.
Outside the city, Cuyahoga Falls, Stow, Tallmadge, Fairlawn and Copley carry higher prices and newer housing. Because many single homes inside Akron sell below our $150,000 minimum, city bridge loans here usually fund a two- to four-unit building, a small apartment building of up to 8 units, or a suburban house.
| Area | Typical housing | Common bridge use |
|---|---|---|
| Highland Square, West Akron | Large older homes, many split into 2-3 units | Buy a converted house with vacancies, re-lease, refinance |
| North Hill, Kenmore, Firestone Park | Wood-frame singles and up-and-down two-families | Estate or landlord-exit purchases needing light work |
| Goodyear Heights, Ellet | Small singles and some duplexes | Packages of rentals bought together |
| Cuyahoga Falls, Stow, Tallmadge | Newer suburban singles and small multis | Fast purchase before a DSCR refinance |
The typical Akron opportunity is a building that is worth more than it earns right now: a fourplex with two empty units, a two-family with below-market leases, or a house left by an estate with dated kitchens. A long-term DSCR loan sizes off current rent, so it can undershoot on day one. A bridge loan lets you buy at today's price, fix the income and refinance on the improved numbers.
Speed matters too. Estate attorneys and out-of-state heirs often want a quick, certain close, and a bridge can close in as little as 10 days.
This example is illustrative and not a quote. An investor buys a Highland Square fourplex for $260,000. Two units are vacant and the other two are on old leases. The bridge loan is $195,000, interest-only, so the estimated monthly interest payment is about $1,625 while the investor paints, replaces flooring in the empty units and signs new leases.
After about 4 months the property appraises at $320,000 and rents for $3,400 a month (four units at about $850 each). A DSCR cash-out refinance at 75% of value is $240,000, which pays off the $195,000 bridge and returns about $45,000 before closing costs.
Estimated principal and interest on the new 30-year loan is about $1,637. Add taxes of about $450 and insurance of about $200 a month, and the total payment is about $2,287. Rent of $3,400 divided by that payment gives a DSCR of about 1.49x, above the 1.0x standard minimum.
Stress-test it: if rent came in 10% lower, at about $3,060, the ratio would still be about 1.34x. That cushion is what makes the refinance a dependable exit here.
| Item | Amount |
|---|---|
| Purchase price | $260,000 |
| Bridge loan | $195,000 |
| Estimated monthly interest-only payment | $1,625 |
| Value after work and leasing | $320,000 |
| New DSCR loan (75% of value) | $240,000 |
| Estimated principal and interest | $1,637 |
| Property taxes (monthly) | $450 |
| Insurance (monthly) | $200 |
| Total monthly payment | $2,287 |
| Monthly rent | $3,400 |
| DSCR | About 1.49x |
The Summit County Fiscal Office sets values, and Ohio counties run a full reappraisal every six years with an update at the three-year mark. Recent Ohio revaluations raised many values sharply, so pull the current tax bill instead of relying on an old listing. Rentals also do not get the owner-occupancy reduction a homeowner receives, so a bill from an owner-occupant seller can understate what you will pay.
Ohio counties charge a conveyance fee when a deed is recorded, usually paid by the seller by local custom. Confirm the current Summit County amount and who pays it in your contract with your title company.
Several Summit County suburbs require a housing inspection before a sale closes or before a new tenant moves in, and the City of Akron enforces its housing code on rental property. An open violation or a required repair list can change your budget and your timeline, so ask the municipality early.
Most Akron housing was built before 1978, so plan for federal lead paint disclosure and safe work practices when you renovate. Older two-families can also have shared utilities that you may want to separate before you re-lease.
In Akron the refinance is the usual exit, because steady long-term rents in older neighborhoods support a DSCR loan once the units are full. A sale to a homeowner works better in the suburbs, where single-family buyers pay more for a finished house.
Every bridge loan needs a clear way out. Before you sign, run the refinance numbers with a realistic rent, tax bill and insurance quote, and know what the property would sell for if the refinance does not fit. Our bridge to DSCR guide walks through the timing and the paperwork. For statewide context, see our Ohio bridge loans page.
Our bridge loans are built for investors who need to move faster than a long-term loan allows. In Akron, they cover 1-8 unit residential investment property, from single-family homes to small apartment buildings of up to 8 units.
Each loan is short-term and interest-only, so the monthly payment stays low while you work on the property. Buildings of 9 or more units are commercial; see our multifamily loans page for those.
On a Akron file we look first at the purchase price and the exit, then at your experience with similar properties, the condition of the building and how realistic the timeline is. A clear plan to lease and refinance, or to sell, carries a lot of weight.
LendingStreet is an investment property financing company. Our investor loans are business-purpose loans on non-owner-occupied property, and we lend across Summit County, including Akron, Cuyahoga Falls, Stow, Tallmadge, Barberton and Fairlawn.
Send the address, purchase price, your plan for the property and how you expect to repay the bridge. We will look at the deal, the timeline and the exit, and come back with options. Use the form below or call (877) 298-1001.
Our bridge loans start at $150,000, so a lower-priced single home usually will not fit on its own. Investors often use a bridge for a multi-unit building, a suburban house, or several properties bought in one deal.
Our bridge loans have rates from 7.99%. Your pricing depends on the property, your experience, the leverage and the exit plan.
It can. The current bill may reflect an owner-occupancy reduction or an older value, and Ohio's reappraisal cycle can move values. Use the full non-owner-occupied figure in your refinance math.
In as little as 10 days when the title work, insurance and your documents are ready. A clean file and a clear exit plan help keep it on schedule.
Some do. Requirements differ by city and village, so check with the municipality before closing and build any required repairs into your plan.
Not on every program. Some of our bridge programs need no appraisal, though the refinance into a DSCR loan will use one.
Yes. Two-family homes are 1-8 unit residential property, and both units' rent counts when you refinance into a DSCR loan.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
2-3 competing quotes from 30+ capital sources. No credit pull. No commitment.
By clicking, you provide express written consent to be contacted by LendingStreet (NMLS #1734316) via SMS, phone, or email, possibly using automated technology, regarding your loan inquiry. Reply STOP to opt out. Consent is not required to obtain services. See our Privacy Policy and Terms.