Purchase Condo with a Personal Loan - HELP

[Chelsea Hill]

Hi All! 

First time poster here. I just wanted to get some advice on an opportunity I'm interested in pursuing. I am Manchester, CT and am looking to purchase a condo. The list price is $52k, but comps have sold in the same complex from between $30,000-$43,000 so I was going to offer $38,000 with $9,000 down payment. The 2 bedroom unit is currently rented for $1,000 a month with the renter responsible for utilities. I spoke to my mortgage broker and she informed me that I would not be able to finance $31,000 (38,000 - 7,000 down payment) because it is too low ( I get it - bank wouldn't make enough money). 

I was doing some research and learned that I could maybe finance the purchase with a personal loan through a local credit union. The seller is interested in a cash purchase.

Here is a breakdown of what the numbers are:

List price: $52,000

My offer price: $38,000

HOA Fee monthly: $243

Insurance monthly: $25

Taxes monthly: $163

Funds I have available to contribute to cost: $15,000 

Amount I would need personal loan for: $23,000

This is my first real estate purchase. Does this appear to be a sound investment? Is it risky to use a personal loan to finance the $23,000? What interest rate should be the max I would take?

Any and all thoughts and/or advice is welcome. Thanks in advance!