Chicago Lenders Specializing in Loans Under 100K

[Timothy Pauldon]

Hey guys,

I've been running into the same issue when attempting to qualify for a loan under 100K: it's too small of an amount. I'm looking at properties with a purchase price of 60-75k. I've talked to some lenders (hard money/conventional) who I was referred to, but again, their mins are too expensive for what I am trying to accomplish. I've got the 20% downpayment for a property in the 60-75K range and need the financing to complete the transaction. My idea was to use a hard money lender for the entire rehab, but not for the home purchase. I've already tried to find a 203K loan to house hack, but they're just not around due to Covid and I'm not really looking for an FHA loan obligation, tbh.

If you have any insights or recommendations as to any lenders or strategies on working out the financing I would appreciate it! I’ve been analyzing deals like crazy and am hoping to get a pre-approval so that I can take my journey to the next step: ACTION! A bit more about what I’m looking for:

- SFH fix and flip

- South Chicago Suburbs

- purchase price 60-75K

- rehab ~70k

- ARV ~185 to 190k

Thanks!