loans for lower price point properties

[Daniel Harnsberger]

Having an issue that I'm hoping someone has an answer to, as I've been unsuccessful thus far in finding the answer myself. I have a goal of turning several of the vacant, dilapidated properties in my neighborhood. Most of them are two bedroom homes- that when fixed up- will appraise in the high $80ks, ones with more square footage in the low $90ks. I have private money in place, but I can't find lenders that will refinance/lend at those lower price points for one individual property. 

One deal I have in place is the seller (who lives 2 hours away) owes $9k on the original lien, but the home needs $23k in work. I have a private money lender who will pay off the existing loan plus provide the funds for the renovation. We want to then refinance, but not pull all the cash that we could and have a note for $50k to maximize the cashflow, as we would be doing a 50/50 split of the profits. Does anyone know a lender who will work with us on this for a relatively normal interest rate?

[Daniel Harnsberger]

@Chris Mason and @Michael Ablan- thank you so much for the feedback. I think I've found our lender now. Much appreciate.