BiggerPockets

My partner and I have located a condo that fits well with his current strategy. We already own units in the complex and this one is available for very cheap (half the price of what we paid for our last unit there!).

Unfortunately, the cheap price is also a problem. Because the asking price is $60K, a reasonable down will take the loan value under $50K - which seems to be the limit for most conventional mortgage lenders.

What other options are available for financing? He is wide open for suggestions and very qualified (FICO 800+). He is also flexible in terms. Ideally, he would like a 15 year loan, but any option will be considered (including a short term bridge loan).

I looked briefly at the CA HMLs in the BP directory, but they either only do rehab loans or only fund above $50K as well.

Thanks,

\ Henrik

Henrik look locally and talk to a bunch of lenders.

There is hardly any money in it for a mortgage broker at that price level.

A direct lender will handle the small loans sometimes as they make money long term servicing the loan versus next to nothing for originating it.

Keep looking and one will be out there.

This is in a discussion forum, folks, not the place to be offering loans, please.

OK, since the intent appears to be to actually get a loan, moved this over to the Seeking Financing forum. Feel free to fire away with the offers.

Jon - Sorry, I didn't mean to break any rules. The intent was to solicit input on how to go about this, but offers were obviously welcome too. Thanks for moving the thread.

James, we had discussed something like that, but didn't know if there were legal issues with such an approach.

I just found out that it's a short sale listing (I should have known the price was too good to be true) so that will likely kill the deal for us. The listing has had previous offers for $75K (earlier this month) and for $101K(!) back in April. I doubt the bank would would be approving a sale at $60K, but we'll ask the selling agent if the short sale has already been approved or not.