Hard Money Lenders Min Loan Amount

[Bailey Coleman]

Will hard money lenders typically lend on properties less then 100k? I have someone who wants only 41k for this property with about 21k worth of repairs. 

[Erik Estrada]

What's the ARV? Some HML in ohio might be able to lend you both the purchase and rehab.

[Bailey Coleman]

91,000 is the ARV. I think I can get this property for cheaper and I think I will need to in order to pay off the hard money lender with zero out of my pocket after I do a cash out refi

[Linda Labbe]

we have a lender who can do the smaller amounts if you need one contact me

[Matthew Nelson]

I've seen it happen.. it just depends on who you're asking.

I can't help w/ a referral in Ohio but I'm sure if you search long enough you'll find someone.

[Sanat Bhandari]

@Bailey Coleman There's a few HMLs that can lend on smaller amounts like that. I'd recommend shopping local since local HMLs would be more likely to fund your deal. Another option would be local banks/credit unions since they are known to lend on smaller amounts like this

Maybe @Owen Dashner can help?

[Mike Klarman]

Yes, most of the reputable lenders have a min loan amount of 65k - 75k with a minimum of 40k - 50k of that amount going toward the purchase.

I've been down this road before with a few investors who want to buy cheaper homes and what I can tell you is that - 1) It's not easy and 2) You WILL NOT like the rates, fees, and points.

Think about it, what does a lender stand to make on an interest only loan for about 40k.  The rate would have to be 15+ and they will need to charge you 4 points just to make $1,600.

It's just not worth their time.

[Patrick Prunty]

I know a lender who will do smaller amounts, contact me if you need a referral

[Philip Jackson]

Quote from @Patrick Prunty:

I know a lender who will do smaller amounts, contact me if you need a referral

Please send me details 

[Raymond Santana]

Quote from @Linda Labbe:

we have a lender who can do the smaller amounts if you need one contact me

Hi Linda,

I hope all is well with you. 

Could you kindly provide me with more information so we can discuss further? 

I appreciate your assistance and look forward in hearing from you.