Anyone getting financing on <30K properties?

[David Beard]

As a followup to another thread that was posted on getting bank financing on inexpensive SFRs (sporting caps of 24-36% and up).

Has anyone, anywhere, been able to get local bank or credit union financing (at least 5 yr term, could be amortizing loan or LOC, but not short term rehab financing) on SFRs where the total investment is below $30K. This would be using either a blanket loan w/ several properties as collateral, or a single-house loan. And this financing would need to be obtainable within the first year after having paid cash for the property.

If you have done this, please describe the terms of the loan.

Thanks.