Is there a way to BRRR a 40,000 property?

Question

I purchased a property for 20,000 and rehabbed it.  The property I put approximately 15,000 into it and it now appraises for 40,000.  I cannot find a lender who will provide a loan unless the property is worth at least 60,000.  Are there any lenders who will give a loan on a 40,000 property?

Jeff Roth · Answer

Hi Authon-

Try a local Credit Union. They are a little slower on processing time but generally will write a smaller loan.

Happy to help!