How to get a loan less than $50k

[Colton Hart]

Hi all. I am looking to purchase my first property. I am looking at some properties under $100k, and even under $50k. I am looking for 5 - 15 acres with or without a small structure/house. My plan is to build a cabin/glamping site to be listed on Airbnb. 

My main concern is finding someone to give such a small loan. I have $10K budget for down payment which is >20% of a $44k single family property I am interested in. 

How am I going to secure this loan??

[Liam OSullivan]

Hi Colton , reach out to Julie Fulling at National Bank of Coxsackie in Cairo , I’ve found her to be very helpful for all types of loans .

[Beau Watson]

@Liam OSullivan

Do you know if they are able to do loans outside of NY?

[Liam OSullivan]

I don’t know that Beau, I just work locally .

Liam

[Tim Corey]

Hi Colton, I've been looking into doing something similar and had this same question! The hipcamp app looks like another promising place to list camp sites like this. 

[Eric Baker]

@Colton Hart I've been looking into getting lines of credit for instances like these. Your ARV I'm sure will be much higher once renovated so you can just apply for a conventional mortgage after the fact. And the good thing about lines of credit is you can do interest only payments similar to a construction loan or break the payments however you see fit.

[Samantha Cash]

I can't speak to the loan amounts, but I've also heard good things about National Bank of Coxsackie. I used Trustco Bank for my first househack, they are a portfolio lender and don't sell loans to Fannie or Freddie. Another one I've heard great things about is Homestead Funding. Not sure where you are but I have names of folks you can talk to if you are looking in Greene County. 

[Edward Dandrea]

I'm using Wayne bank for a HELOC they underwrite themselves

[Tim Corey]

Originally posted by @Eric Baker:

@Colton Hart I've been looking into getting lines of credit for instances like these. Your ARV I'm sure will be much higher once renovated so you can just apply for a conventional mortgage after the fact. And the good thing about lines of credit is you can do interest only payments similar to a construction loan or break the payments however you see fit.

Interested in this as well. How do you think a conventional mortgage bank would assess the ARV for an Airbnb/Glamping property? I'm specifically curios about glamping type tents. Are they technically "part" of the property?

[Eric Baker]

@Tim Corey I've not looked into anything STR as of yet because my area doesn't have a high demand for it, but I would imagine a credit union would be more apt to look closely at those numbers. I like credit unions because they don't have all the red tape that most other big banks have. Plus with a solid relationship at a credit union you can use that for years and years.