Small loans - who lends on property under 100K?

[Tom Camarda]

Greetings all,

I'm finding some good low cost, cash flowing properties in Ohio. Problem is, my usual lenders will not lend on these because their minimum loan is 100K.  Is there an option out there for conventional loans for buy and hold investors who want properties under 80K?

Thank you,

Tom Camarda

[David Krulac]

@James Masotti

Actually i had never used that CU before. What I liked was the 10 year fixed, others had offered 5 year fixed, I liked the 20 year Amort., but I would prefer 80% LTV, which is what I had gotten at other sources. Another feature is that they allowed seller second mortgages, which some other institutions would not. And they were able to close quickly.

[Wendell De Guzman]

Originally posted by @Tom Camarda:

Greetings all,

I'm finding some good low cost, cash flowing properties in Ohio. Problem is, my usual lenders will not lend on these because their minimum loan is 100K.  Is there an option out there for conventional loans for buy and hold investors who want properties under 80K?

Thank you,

Tom Camarda

 Contact @Jerry Padilla

[Michael V]

Huntington will loan as little as $50k.  If you call around to lenders they are a wealth of information and can give you some good tips.  Some will even refer you to other lenders they know who can get specific deals done if their own hands are tied.

[Preston Schmidt]

You're going to get hit with a slight rate bump due to the lower loan amount but my company has no minimum. I have set my personal minimum at $80k but depending on the situation I could be persuaded to go lower ;)

[Franklin Romine]

Visa and Master Card lend on properties under $50K.

Frank

[Lisa Phillips]

Every time I saw someone post on BP, "You can't find lending on Sub30k properties," I just shook my head because we told people (myself and the sub30k mastermind group - we have a group of thought leaders in there) a million times how to do it. It's interesting these threads are starting up now. Im glad people aren't so "appalled" anymore (from the dozens and dozens of articles and comments seen on here). 

No lower rates, maybe a shorter term (i.e. 20 yr vs 30 yr), but nope, no rate increase at all for this price range, or fee increases, are necessary for this price range at all.

[Jerry Padilla]

@Wendell De Guzman Thank you for the mention! 

There are financing options With Conventional financing in the Sub $50k and Sub $30k range. There may be a slightly higher rate of an additional fee. There are very few lenders that do this financing, but it is possible! It is possible to Cash out on these properties as well - You can cash out on up to 10 mortgages properties. You need a lender and loan officer that are up to date on guideline changes, investor friendly AND experienced working with investors.

[Aziz Wali]

Hi @Ryan Mainwaring I would appreciate if you could help me with finding private money lender for getting 2 property 35K each in PA. Thank You

[Aziz Wali]

Hello @Preston Schmidt I am looking at 70K for 2 properties. I would appreciate the help 

[Chris Malala]

Same question. Although I guess I could try local, Im trying to do this online since I dont live in that area yet.

East Tennessee has Town Homes in the 60-80k range that if they were in, lets say Florida, would easily be 150-200k town homes. A lot prettier than ones youd find in FL too. Problem is banks see the price and say nope! Im guessing the policy revolves around negative stigma. (part time or no job, bad or low paying job, crime, drugs) Definitely not me.

Kind of frustrating lol. Esp since my scores are 810+ and make good money. This is a plan for me to move and save a ton. First time buyer as well, renting like a doofus for far too long.

[Scot Howat]

I run into this issue constantly. The other caveat is that the banks want the value of the property to be at least 100k. Which doesn't work for my market either. Any lenders that can do this (in S Corp)? 75% LTV on a 90k property

[Steve Meyers]

Quote from @Ryan Mainwaring:

@Tom Camarda I work with a few lenders that will go below 100k, pm if you are interested.

 @Ryan Mainwaring can you message me your lenders?

[Ryan Mainwaring]

Quote from @Steve Meyers:

Quote from @Ryan Mainwaring:

@Tom Camarda I work with a few lenders that will go below 100k, pm if you are interested.

 @Ryan Mainwaring can you message me your lenders?

 @Steve Meyers Thank you for reaching out!  The lenders I mentioned, no longer work with loans below 100k.  Sorry

[Harry Torrenegra]

Quote from @Ryan Mainwaring:

@Tom Camarda I work with a few lenders that will go below 100k, pm if you are interested.

Hi, I am also looking for lenders for properties under 100k. Would you be able to share this info.
Thanks!

[Jared Hottle]

I would try local banks. Typically they are more likely to mess with properties under 100k and can give you the best terms.

[Laura Smith]

Quote from @Ryan Mainwaring:

@Tom Camarda I work with a few lenders that will go below 100k, pm if you are interested.

 Please add me to that list for info? Thanks!