Milwaukee Property Mortgage needed small balance

[Jonathan West]

Hi,

I'm acquiring my first rental in Milwaukee, closing with a cash close less than $50,000.

I am looking for a lender that will allow me to do a cashout refi or Heloc against the property post closing.

I would prefer it be based on the properties appraised value or valuation based on income ($1500+/mo) however I'm okay if I can just get a loan based on my cost.

The biggest issue seems to be lenders not willing to lend less than 40k, which based on my purchase price, 80% LTC or less would be less than 40k.

Anyone have any experience with small loans?

I will be buying more property, I am open to keeping all my loans with 1 lender, or eventually taking a loan against multiple assets, which should be more substantial.

Thanks for any input!

Jon