smaller loans for foreign investors

[Salvatore Spano]

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.

[Charlie Gonzalez]

Hi Salvatore,
We offer loan amounts as low as 75k. And we have plenty of options for you as a French national. If you have homes already or need to be paired up with a real estate agent, please let me know. My clients are mortgage brokers so I can pair you up with one ASAP and we will close the loan with me as I am the lender. I have contacts all across the country if you’d like to dive into other markets as well. Thanks! 

[Drew Sygit]

@Salvatore Spano we don't recommend under $75k properties in Detroit, unless you're buying them to rehab with target ARV of a least $90k.

Otherwise, you run the risk of acquiring Class D rentals - which even most Section 8 tenants don't want to live in.

$100k acquisitions puts you in Class C, maybe even C+ Neighborhoods where you'll have better ROI due to better tenants.

[Travis Biziorek]

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.

[Robert Barnowsky]

If it's a $75k property, we can go up 80%. If it's a cash-out refi, we can go up to 75%.
Of course, those leverages are dependent on strength of borrower (experience, credit score, etc.)

Great questions and insight on this forum though!