Can't get a bank loan for under $50K?

[Patrick Hancock]

Looking at properties in the $50-$60K range and the first three lenders I spoke to said their minimum loan amount is $50K. With the 20% down that obviously won't work. Are there banks out there that will loan less than $50K or would this be a situation where I would have to seek out private money? 

Thank you in advance,

Pat