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Updated 8 months ago on . Most recent reply

User Stats

24
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12
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Salvatore Spano
  • Investor
  • France
12
Votes |
24
Posts

smaller loans for foreign investors

Salvatore Spano
  • Investor
  • France
Posted

Hi. I am a foreign investor, living in France. I would like to purchase several properties in Toledo and Detroit and would need several smaller loans to purchase properties at around $75k. I am finding it a bit difficult, as most lenders would not consider loans <$100k. Is there anyone who would consider this type of loans? 
Thanks very much in advance.

Most Popular Reply

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1,762
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Travis Biziorek
  • Investor
  • Arroyo Grande, CA
1,887
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1,762
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Travis Biziorek
  • Investor
  • Arroyo Grande, CA
Replied

MINO lending out of Metro Detroit does them but your LTV is going to be 65% (I believe).

I agree with @Drew Sygit though. A $75k property is not something you want to own unless you're planning on doing work to it.

5 years ago... sure. But prices in Detroit keep moving higher and you don't want to fall into a D Class money pit.

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