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Updated about 3 years ago on . Most recent reply
Trouble Securing Mortgage for less than 50K Under LLC
Hi, a business partner and I are having trouble securing a loan for our Single Family Rental in MO that we purchased for ~50k in cash, we are trying to cash out and get a mortgage, and repeat the cycle, but securing a mortgage has been a real challenge.
We have tried to reach out to local credit unions etc, but to no avail.
If anyone has any online resources to suggest, it would be greatly appreciated!
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#3 General Real Estate Investing Contributor
- Rental Property Investor
- SE Michigan
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#3 General Real Estate Investing Contributor
- Rental Property Investor
- SE Michigan
No institution wants to write a mortgage that small. They have so much compliance paperwork with the Federal Government, they cannot make money for such a low loan balance.
Short term, you are going to have to look to a private lender.
Long term, vote for business-friendly politicians.