South Jersey Banks that do small mortgage loans

[Nelly R.]

Does anyone know of a small bank/lender who will do a loan on a $35k home? I'm in South Jersey (Burlington/Camden County). Thanks in advance!

[Scott D Burrows]

@Nelly R.

Another option could be something called a homestyle loan, depending on how much works is going to be done and what you are going to be doing with the property.

I have used personal loans before. Depending on what you are planning to do with property, you might not be too bad using a personal loan. I have a personal loan out with SunTrust Bank, using their division called Light Stream. Approval took around 3 days and you can pick your term, so it's not a terrible deal. However, you will be looking at rates in the teens (11-13%). My loan is for three years at 11% for $30K. 

Also, you could go the credit card, and then convert it into payment form using a company called PLASTIQ. You can actually send checks to someone with your credit card (2.5-3% fee I believe). Another option, if you wanted to go that route. Best chances of getting a high-limit 0% card would be going through Capital One Spark, Chase Ink or AMEX Business (do this on separate days and start with Capital One if you are going for a high limit). Do not use any of the amount before applying a few days down the road for the rest (Chase Ink and AMEX will not go against your personal credit outstanding).  If you have a business name you will use that to apply.

Let me know if you need anything else. 

Good Luck,

Scott