Does anyone know who will do a mortgage for 30k in South Carolina? I would rather not do hard money lenders like prosper and lending club because the maximum payback term is 5 years. I would have a much easier time with cash flow if I stretched the payments out to 15-30 years. Does anyone have any experience with this in SC?
I may be able to help you, please send additional details
It is for SFH rental property I would like to buy in Columbia for around 30k. It is valued at close to 60k. I have a credit score around 650 and can put down 20-30 percent.
@kevinshorter Private money is you answer..... some retired Dentist was telling his wife last night the rate of return on there cash holdings are just to low. You would be a big help to them, your job is to find them or a private money lender that are almost everywhere these days.
Good luck Jim Kelller
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You might want to consider taking a private money lender on for a year or so then re-fi to a conventional loan. Most of the conventional lenders that I use don't want to bother with a property under $50k, its not worth the paperwork they have to do. If you re-fi after a year or two then you can get a loan based on the value of the property no the purchase price, you should then be able to pull some cash out to use for the down payment on your next property.
If you want to go with a bank for this property try one of the credit unions around town. There are a bunch around Columbia, they may be more willing to do a lower value loan, particularly if you are talking about a $30k property with 30% down, that's along the lines of a $21k loan. Most mortgage guys I know don't want to bother, but private money will be game, even if you use prosper or another P2P for a year then re-fi.
@Kevin Shorter I have had success with small local banks. These banks write loans and keep them in house (portfolio loans). Once you develop a relationship they can be a huge benefit for a buy and hold investor. Good Luck!
You can go conventional. You just need to find a mortgage broker who is brand new and doesn't have much business. It won't be a waste of time to him.
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