Hard Money Loan Less than $50k

[Manuel Torreira]

I currently have a $55,000 condo under contract (1bed/1 bath, 754 sq. ft) that was initially priced at $65,000. It will require about 3-5k in renovations and the ARV will be about $80,000. However, since a single entity owns more than 75% of the units, I am unable to secure traditional financing on this condo since it is non-warrantable. I believe at some point they converted 75% of the units into apartments and the remaining 25% are condos.

I've been doing some research on Hard Money Lenders using the Bigger Pockets Network tool, however, it doesn't seem like anybody wants to lend on anything less than $75,000. I have excellent credit (762 score), great income, and I'm able to put down a large down payment (20-30%).

Any recommendations would be greatly appreciated.

Thanks!

[Chris Mason]

<$50k is the range where you will find that it's tough to even find a normal vanilla loan that small.

In your case, since that wouldn't work anyways, this is in the "call a friend" and/or "swipe some credit cards" range of options.