Looking for advice for Refinancing a < $75,000 SFR

[Vince Gethings]

Hi BP!

I have an SFR that I bought using hard money earlier this year. I fixed it up, got a tenant in there and it's making good cashflow. Now, I'm looking to refinance out of the short-term loan into a 20-30yr note, however, the appraised value is $58,000. Therefore most lenders won't touch it since it's under their $75K minimum. I've called every local lender within 50 miles and they said it's too small for them to carry too.

I'm asking the BP community if anyone knows of a good lender that will refinance small loans like this one?

Property is located in Mid-Michigan

3 bed 2 bath 1700 sq ft

Rents for $800/mo, tenant pays all utilities

Looking to refinance it at $42,000 

[Harjeet Bhatti]

Any small bank can do this loan.