Getting lower loan amount

8 Replies

I have a client who wants to get a long for about $40k, many lenders won't do this small of a loan. Where would I find someone willing to lend at this amount?

get a long == get a loan? Depends on circumstances. Is this a second position loan? A HELOC, maybe? $40K happens all the time. What's the property worth? Mortgages? ...

@Barshay Graves

I can direct you to a loan officer that does mortgage loans for this amount....Pm and let me know what state...and ill see if he's licensed there...Id would give you the name of the company here but ill miss out on that referal fee...LOL

@Barshay Graves  yes, all day long. Tell your client to pick up the phone and quit being so lazy. I know of a bank that will give a $5,000 mortgage or "long" to jersey shore folk. :)

Obviously, standard terms, 1st position and 20% down. Some give fixed terms and some give arms. 

Wholesale lenders go down to 50K typically but if you find a local bank that might be the place to go with your deal.

Second Mortgages and or HELOC's are a might be a good options as well since they're lower loan amounts requirements.

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