Need a Hard Money/Private Lender Loans Between 50-75k

[Shea McCavit]

Hi BP!

I've been finding quite a few deals from wholesalers that have are priced between 50-75k. Unfortunately, I do not have currently have enough cash to buy the property outright, so I will need to rely on a hard money loan. The wholesalers I've been working with require that the closing period be 14 days or less. I found this deal yesterday priced at 55k turnkey, no repairs required, ARV 75-85k. I've called and looked at 10+ hard money lenders online, however, all them require the total loan to be at least 75k.

Does anyone know of a hard money lender who will offer loans lower than 75k and be able to close in 14 days or less? Maybe between 50-75k? My plan is to simply be able to get a very short term loan where I can close in 14 days or less and then immediately refinance with a conventional loan with a lower interest rate.

Thank you,

Shea

[Jay Hinrichs]

the issue you have with small balance loans is you cant price them like larger loans.

what the public does not quite compute is that a lender in some form or fashion needs to bring in 4k in fee's per file plus the interest rate.. 

so borrowers freak out.  what 8 points.. so they will charge 2 points and then junk fee the file up so they are netting 4k .

I have owned multiple HM companies over the years you simply cannot stay in business if you do not in some manner generate about 4k per loan or more.

so if your deals will still work with 4 to 5k for the bridge loan.. then your dealing with reality.  

That's why small balance loans are so tough for most lenders or folks to get.. and why its a niche we have carved out.

find a need and fill it..