ideas financing small loan $25K lower interest, primary home?

[Lynn Harrison]

Hi, I seem to be in a tricky place. I'm looking to buy a fixer home. I plan on selling my present home and have several potential buyers and I inherited a decent amount of cash in a sort of trust to make a long story short.. I also seem to be about $25 to 35K short on many places I've looked at recently.

Hard money in my area starts at 10%+ interest for 15 years. Most will not do primary residences last time I looked. Personal loans from banks start at about the same. Most banks in my area will not loan less than $150K on a mortgage. I did find one mortgage broker who could come up with a $50K loan at reasonable rates but that loan would exclude fixers. I did find one small bank that would loan as little as $25K with high points and a reasonable interest rate for 30 years but ONLY in a certain area and would exclude fixers. Anything outside that area they will not loan on, and prices in that area are higher than other places I'm looking at.

Does anyone have ideas for a $25 to $35 or even 50K loan for a fixer primary residence with lower interest rates (say 4.5 - 6.5%). Most homes I've looked at will not pass a bank's inspection without major repairs, some are old mobiles on their own land. I'm retired and I do need to keep the monthly payments very low and account for repairs/material.

This is very frustrating. I have excellent credit and +/-  85% cash towards a place, construction experience, and am having trouble financing. It would be easier for most people to go at it with no down payment and a much bigger loan.. Which I can't do.