LOAN ON 40K PROPERTY?

Question

Hello BP Members,

Does anyone know any national lenders that will loan on a 40K property? I am new to investing in the Kansas City Area, and I am looking at a property in the 40K range. I can purchase the whole thing cash but that would take all of my cash, I would prefer to finance it and keep some free cash to find other deals.

Any advice would be appreciated!

Brady Hanna · Answer

@Steven Barros-I have a local community bank here in Kansas City that I have done sub $50k loans with without a problem.  Send me a PM and I can get you their contact info.

Nazz Wang · Answer

@Steven Barroswhy don't you call around and report back you findings? It depends on your finances and I don't know you. Now, let's not be lazy... Do your share of your homework.

Jeff Basler · Answer

I would be delighted to assist.  We (SRC) fund transactions with a range between $15-250,000.00 W.A.C.

If I may be of assistance on a short-term basis ~ 9 months max please contact me at your convenience.  Private fund, simple and service our portfolio in North Kansas City.  Please consider SRC for traditional fix and flip opportunities or transactional funding as well.

Thank you,

Jerry Padilla · Answer

You can do sub 50k loans....... Down to $10k.

@Nazz Wang

@Aaron Mercer

@Steven Barros

Alexander A. · Answer

I also know a lender that does sub 50k loans.  It is who I have used for my last 3 investment properties.  PM me and ill be more then happy to give you his contact info.

Mark Nolan · Answer

@Steven Barros

We are restricted from listing actual lenders here, but there are at least 2 banks that specialize in lending to IRAs and 401k plans. Do a google search for non-recourse solo 401k and IRA lenders and they among others should come up.

Steven Barros · Answer

@Nazz Wang

How long would i have to wait?

Thank you!

Nazz Wang · Answer

Depends on the lender. For some I get 80% for others I get 65%, different rates and terms. Really, do your homework and call around. Expect to call at least 20-50 lenders.

Steven Barros · Answer

Thank You All! The property is tenant occupied, and according to the owner it has been for 4 years.

Question, How long would i have to wait to refi? I am not opposed to getting 70% out and leaving 30 in.

@Nazz Wang

@Aaron Mercer

LOAN ON 40K PROPERTY?

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