Refinancing properties in the $40k-$60k range

[Kushal Chakrabarty]

Hi, I am looking to rehab multiple single family properties in Kansas City, MO. I will be using a hard money loan and once the property is rehabbed and tenanted, will refi with long term financing. While there are plenty of hard money lenders to fund the purchase and rehab, I am not finding many lenders who will refi in the $40k-$60k ARV range. Most lenders have a minimum threshold of $75k property value. Any suggestions who may be able to help in this regard?

Thanks,

Kushal

[Mike D'Arrigo]

@Kushal Chakrabarty There are lenders that have no minimum loan amounts, however, I would strongly urge you to reconsider that price point. I've been active in Kansas City for several years and I can tell you that anything in the $40K-$60K range is going to be in very rough areas that don't perform well. Have you been to these neighborhoods and have you seen what they're like?  Some of them might not look so terrible when you drive through quickly but try walking them once the sun goes down.