Getting portfolios lenders to lend money for small deals

[Patrick Britton]

Hi,

I am trying to purchase the first of many properties but am running into a problem with lenders.  In short, the problem is the purchase price and subsequent loan amount.  It’s too small…The purchase price of these properties ranges from a low of $30,000 to approximately $70,000 and the conventional lenders I have spoken with said that they simply cannot do them.

One of the more useful conventional lenders I dealt with recommended I speak with a portfolio lender about a personal loan. While I have heard stories of people bringing in their deal analysis paperwork and physically pitching the banker, I am having trouble believing them.

Is it actually possible to negotiate a loan with a lender (presumably a portfolio lender) to purchase real estate?

I have considered purchasing five or six of these inexpensive properties and grouping the entire loan with a portfolio lender, but would prefer to acquire these properties more slowly one by one.  

thanks for your replies in advance! 

[Jorge Ruiz]

@Patrick Britton

I am planning to get loans in that price range and from what I have found out from asking around is this:

Go to small community banks and/or local credit unions. 

I have yet to try it because I am not quite there yet.

All the best to you...

Jorge