Structuring a Deal that needs a refi with a low loan amount

[Martha Daisley]

Hello everyone!

I need suggestions and recommendations on how to structure a possible deal.  Theres a property that im working on doing a short sale with. If the bank accepts my offer, then i would need to get financing for around 50k.  The property needs work and so i dont think that a conventional bank would do the loan. I am approved with a hard money lender that will finance the deal and even finance repairs, however the loan is too expensive to keep longer than a couple months. I would have to refi out of it quickly. However potential refi lender only accepts minimum loan amounts of 75k and above. I need to refi into a 50 to 65k loan with 30 year fixed.

The problem i run into is that , i know some banks like Bank of America will finance low loan amounts but not on a property that needs work (it will need like 10 to 15k of work, needs a new roof etc).  And then the investor friendly lenders have high min loan amounts.  So i cant seem to find a long term lender that will finance a property that needs work but has a low loan amount .

Can anyone recommend a lender that will finance a property that needs work for a low loan amount of 50 to 60k and that can finance it with a 30 year fixed?

thanks!

Martha