Seeking Hard Money Lenders for Low Cost of Entry Properties in the Midwest

[Phil Chehet]

Has anyone found a hard money lender willing to finance properties with a purchase price below $50k? Many lenders avoid these deals due to the low resale potential, but I'm curious if there are any loan products available for this price range, especially in markets like the Midwest

Also, does anyone know if any lenders are bundling multiple low-cost loans to meet minimum loan thresholds?

[Connor Hibbs]

Hi Phil,

I know that with rehab loans you can typically get past the 50k purchase price as long as it's fairly close, the total loan size exceeds 50k, and the ARV gets to 100k. Other than that, I don't know of DSCR loans that go that low. Maybe a local bank near the subject property would be willing to help.