Austin, TX · Member since 2013 · 68 posts · 12 votes
I'm new to REI and these forums and looking for my first property(ies). I have found a few in the area that I am interested in, the problem is that the loan is would be too small on any of them individually for the banks I have contacted to finance. Two of the properties are income producing. The first would be around 35k and the second is 20k. The third property I'd like to flip and I could get for just under 15k. Does anyone know of a lender I could use for a blanket loan on all three properties or another option I should look into? One of the properties I may be able to seller finance but the other two will not have that option.
It's tough enough to get loans under $40k, although we have clients that get them from time-to-time, but a blanket loan of that size would be very rare in my opinion.
I would call up a couple of mortgage brokers to see if such a product exists.
Thanks Marco Santarelli. I have called around to a few banks and brokers and have gotten a few ideas that may get it done even if a mortgage loan wouldn't work. I don't have this problem solved yet but I am learning a lot along the way.
Hey Barry Marshall do you happen to have the ability to get a Home Equity Loan on something like this? You'd have to have some equity in your house.
You could also consider Peer2Peer lending, like Prosper.com or LendingClub.com. Or there are personal loans or business loans from banks you could look into, but those usually max around 20k.
Hi Brandon Turner I haven't really had my house long enough to build much equity up in it. I had a lot originally but the value wasn't done dropping when I bought it. Luckily, I'm not underwater.
I actually invest in notes with LendingClub but was denied there.
All of the properties had the same seller (liquidating due to health issues) but this deal didn't happen. This deal has passed but I'm actively looking for the next one with a little more knowledge than before.
Did you find a solution? I have three properties in the $25k - $35k range that I want to buy and hold. I've tried big banks, little banks, credit unions, mortgage brokers. They all have minimums. The lowest minimum I've found is $25k. I'd like to find a blanket mortgage but don't know if they exist anymore.