Seeking a small loan

[Matt Fisher]

Hello,

I am looking for advice regarding a low-value property loan. I have a 2 bedroom condo in Des Moines, Iowa that needs a rehab ($22.k purchase, $15K rehab, $65k ARV).

Typically I would work with my bank, however they are tied up with some big projects right now and are reluctant to do this.  I plan to refi with them upon completion and hold for a couple years at least.

I am looking for suggestions on how to finance such a low-value loan.  Most hard money lenders aren't interested in taking on projects worth less than around $75k...  Or at least I haven't found one that will take this on.

I have not sought private money before and I'm hesitant to bring such a small deal to those I know who might be interested in funding this deal.  Maybe I'm thinking about it wrong-this might be a good way to test the water?  I had hoped to establish a longer track record through my bank before taking it to my friends, family and associates.

I welcome your thoughts!

Thanks,
Matt