Finding Lenders for Loans under 500k for out of state investors

[Anupam Banerji]

Does anyone have any advice for finding lenders that will do small balance loans for out of state investors?

I'm looking for 75% LTVs and most local banks in the state the property is located in won't even entertain the thought.

[Scott Wolf]

Quote from @Anupam Banerji:

Quote from @Devin Peterson:

Quote from @Anupam Banerji:

Does anyone have any advice for finding lenders that will do small balance loans for out of state investors?

I'm looking for 75% LTVs and most local banks in the state the property is located in won't even entertain the thought.

Hi Anupam, you mentioned a small balance, but 500,000 is a pretty decent size lawn. Did you accidentally add an extra zero? If you're looking for small balance loans, the minimum amount you will find is 75,000 if you need a loan amount any lower than that you'll have to seek a private lender option. If the 500,000 was not an accident, you should be able to find a lot of competitive. DSCR brokers and lenders to give you some good terms at 75 LTV feel free to connect if you have more questions good luck.

Well, I have property under contract and require 290k at 75% LTV.  Most national lenders have turned me down.

Local banks won’t talk to me because I’m out of state and this is my first deal.

Any ideas?

A DSCR Loan would work in this situation. Plenty of lenders out there for this.