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Joseph Wallace
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Renovation Loan. 203k Lender Minimum loan amount

Joseph Wallace
Posted Feb 12 2024, 16:21

Is there a lender oe LO who's able to do a 203k loan with a total loan amount of 63k to 70k?  If so can you point me in the right direction?  I understand that many lenders have a minimum loan amount of 75k. 

(Danville Illinois)

Thanks

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Chris Mason
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  • California
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Chris Mason
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ModeratorReplied Feb 12 2024, 16:37

Pick another $5k to improve the property by. :)

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John Warren
  • Real Estate Broker
  • 1658 N. Milwaukee Ave Ste B PMP 18969 Chicago, IL 60647
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John Warren
  • Real Estate Broker
  • 1658 N. Milwaukee Ave Ste B PMP 18969 Chicago, IL 60647
Replied Feb 13 2024, 05:37

@Joseph Wallace do you mean that the reno will be 70, or that the entire loan including reno will be 70k? That is a super small loan if you are talking purchase and reno of only 70k loan.... Do you have a GC lined up to do a project for that amount? I would be more worried that you don't have a very full scope of work. 60-70k on a 203k is about enough to do a small kitchen and maybe a bathroom and some paint. You aren't doing much mechanical work on a house in Chicago in that price point with permits, etc. 

@Joshua Jones might have some input on this. He has done quite a few renovation loans for clients of mine. 

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Paul De Luca
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Paul De Luca
  • Real Estate Agent
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Replied Feb 13 2024, 06:38
Quote from @Joseph Wallace:

Is there a lender oe LO who's able to do a 203k loan with a total loan amount of 63k to 70k?  If so can you point me in the right direction?  I understand that many lenders have a minimum loan amount of 75k. 

(Danville Illinois)

Thanks

 @Landon Hoon may be able to help.

  • Real Estate Agent Illinois (#475.190985)

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Joshua Jones
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Joshua Jones
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Replied Feb 13 2024, 07:03

Thank you @John Warren. @Joseph Wallace I handle about 2 to 3 renos a month. Feel free to private message me and we can discuss more. Thank you