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Updated about 6 years ago,
Seeking Lender to lend 60-70% of Purchase price on low $ SFRs.
Seeking advice and or connections in regards to this-
We buy SFR's in Milwaukee WI for 20-50k. We use investor capital for 20-35% of the purchase price and are looking to finance the rest of the purchase price. We could finance repairs, or we could pay for those out of pocket. Most lenders I've found aren't willing to lend this small of an amount as the loan would typically be 20-35k. We are looking for a long term mortgage preferrably or a note with a 5 year balloon.
Any thoughts greatly appreciated, we have the investor and we can find properties, just need the end lender. Buyers can show significant reserves as well. ($50k+)
Thank you!