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Updated over 7 years ago on . Most recent reply

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46
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Mark I.
  • Rental Property Investor
  • Mount Prospect, IL
12
Votes |
46
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Are there lenders with super low minimum borrowing amounts? <$20k

Mark I.
  • Rental Property Investor
  • Mount Prospect, IL
Posted

I can find private and HML sources all day long but the issue I consistently run into is the minimum loan amounts exceed what is needed and the value or purchase price of the properties.

Does anyone know of lenders that will finance/re-finance amounts between $5k and $20k? Particularly helpful if they will loan directly to LLC that holds the current properties.

I appreciate the feedback!

Most Popular Reply

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Chris Mason
  • Lender
  • California
10,788
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Chris Mason
  • Lender
  • California
ModeratorReplied

Credit card.

Even if you found a lender to do it, flat closing costs would be a ridiculous % of loan amount.

A flat $1500 origination fee is mathematically identical to 30 points upfront on a $5k loan. Not 3 points, THIRTY points. 

The first step if you want cost effective mortgage money in those smaller amounts is to dismantle the CFPB, repeal Dodd-Frank, and then we'll talk. 

  • Chris Mason
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