Are banks that loans under $50,000 a myth? Charlotte, NC

[Aidan Mulligan]

I'm looking at properties in the Charlotte, NC area that are less than $70,000. For example, I found a property that is going for $40,000 because the owner moved out of state and doesn't want to look after the property. It has a tenant, needs some maintenance, and the financials check out so it's a property I want to pursue. Are banks that offer small loans for purchase a myth? just don't know where to start looking for a loan that size. Any advice would be great.

[Chris Mason]

Originally posted by @Aidan Mulligan:

Are banks that offer small loans for purchase a myth? just don't know where to start looking for a loan that size. Any advice would be great.

 No, not a myth. Start by calling listing agents on the cheapest sub-$50k homes you can find in the area, and ask the listing agent for a referral. That agent doesn't get a commission check unless she knows someone that can lend on it, so you bet your rear she will have someone.