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Updated over 8 years ago,

User Stats

44
Posts
6
Votes
Matthew Harrison
  • Property Manager
  • Redford, MI
6
Votes |
44
Posts

looking for financing under 50k

Matthew Harrison
  • Property Manager
  • Redford, MI
Posted

Hello BP...i am just finishing my first complete rehab of a home. Purchase for 15k, put 12k into the reno and beleive the ARV to be around 40k. My plan A is to try and pull a mortgage out of it, 30k, and recoup my investment and retain the rental. However, every time I read or talk about it there seems to be a low point for lending at 50k. Is there anyone that can refer me to a bank or private lender that would provide a mortgage of this size for a property in Redford? My last resort would be to sell because my end goal is to acquire rentals, but in this instance I need to recoup the investment amount at the least. Thanks for any and all feedback!

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