Hard Money Loan Less than $50k

Hard Money Loan Less than $50k

Tampa, FL · Member since 2016 · 9 posts · 13 votes

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!

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  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    6y

    <$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.

  • Tampa, FL · Member since 2016 · 9 posts · 13 votes
    6y

    Chris, Thanks for your reply. I am thinking this might be the way to go!

  • Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
    6y

    You may be best off working with a company to help set you up with credit lines like MB Capital. If you need a contact there let me know.

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