Looking for leader or private financing for property under 100K?

Question

I'm have trouble finding a leader to finance me for properties under 100k for long term rentals

Any Recommendation?

Mark Fein · Answer

Hi Christian,

I am a lender and I can help if you want to message me.   I am orginally from Grand Rapids and began my career originating loans in the GR/Wyoming area.   It would be great to connect with you.

Devin Ryan · Answer

Hi @Jake Stewart,

With us, we have a couple contracted note servicing companies. We do service them initially, then it is moved to these teams. That being said, we still serve as a direct contact for assistance with any issues, questions, or concerns that you may have.

Brandon Beardt · Answer

Hi Christian,

This problem is quite common as many lenders require property values to be at least $100K and in a non-rural area. With such a low loan amount ($75K min), lenders make very little when packaging them up and selling them. However, I have seen some lenders offer minimum loan amounts down to $50K, but pricing becomes more expensive to offset their risk. Keep in mind that since the loan amount is smaller, points/fees will seem much bigger in scale (5+ points if not more), but that's just the name of the game. What are some details regarding the scenario you're trying to do? Location, estimated property value, monthly rent, etc. That'll help other respondents understand and provide feedback as well. Best of luck!

Shawn Krieger · Answer

https://www.offermarket.us/loans?ref=kkc61yszews

Robin Simon · Answer

I would look locally for a bank or credit union - while these deals on their own typically don't make much economic sense for lenders (can't make enough money on these), a local financial institution that could do loans like this in exchange for you becoming a banking customer of their other offerings (banks/credit unions are hungry for deposits in this current climate!) is pretty common

Shanor Larde · Answer

Thank Mark for replying.  Found a lender for that specific property, but I do have investor clients that are also looking for funding.  I am an Illinois Licensed Realtor who mostly works with investors.  Please send me your lending criteria.  Also do you work with Brokers?

Kyle Dreyer · Answer

Hi Christian! Did you ever find financing for these properties?

Mark Fein · Answer

Shanor,  I am licensed in Florida, Georgia and Michigan.

Mark Fein · Answer

HI Christian,   I am licensed in Florida, Georgia and Michigan.

Looking for leader or private financing for property under 100K?

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