Hard Money Lenders Min Loan Amount

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Patrick Prunty
Lender · Newport Beach, CA · Member since 2019 · 99 posts · 64 votes
3y

I know a lender who will do smaller amounts, contact me if you need a referral

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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    3y

    What's the ARV? Some HML in ohio might be able to lend you both the purchase and rehab.

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  • Bailey Coleman
    OP
    Investor · Member since 2022 · 65 posts · 38 votes
    3y

    91,000 is the ARV. I think I can get this property for cheaper and I think I will need to in order to pay off the hard money lender with zero out of my pocket after I do a cash out refi

    0Reply
  • Linda LabbePro Member
    Investor · North Bay, Ontario · Member since 2015 · 709 posts · 262 votes
    3y

    we have a lender who can do the smaller amounts if you need one contact me

    0Reply
  • Matthew Nelson
    Investor · West Pittston, PA · Member since 2022 · 16 posts · 5 votes
    3y

    I've seen it happen.. it just depends on who you're asking.

    I can't help w/ a referral in Ohio but I'm sure if you search long enough you'll find someone.

    1Reply
  • Sanat Bhandari
    Investor · Omaha, NE · Member since 2021 · 244 posts · 163 votes
    3y

    @Bailey Coleman There's a few HMLs that can lend on smaller amounts like that. I'd recommend shopping local since local HMLs would be more likely to fund your deal. Another option would be local banks/credit unions since they are known to lend on smaller amounts like this

    Maybe @Owen Dashner can help?

    1Reply
  • Mike Klarman
    Specialist · NJ · Member since 2022 · 1k+ posts · 649 votes
    3y

    Yes, most of the reputable lenders have a min loan amount of 65k - 75k with a minimum of 40k - 50k of that amount going toward the purchase.

    I've been down this road before with a few investors who want to buy cheaper homes and what I can tell you is that - 1) It's not easy and 2) You WILL NOT like the rates, fees, and points.

    Think about it, what does a lender stand to make on an interest only loan for about 40k.  The rate would have to be 15+ and they will need to charge you 4 points just to make $1,600.

    It's just not worth their time.

    1Reply
  • Patrick Prunty
    Lender · Newport Beach, CA · Member since 2019 · 99 posts · 64 votes
    3y

    I know a lender who will do smaller amounts, contact me if you need a referral

    2Reply
  • Philip Jackson
    Member since 2023 · 16 posts · 2 votes
    1y
    Quote from @Patrick Prunty:

    I know a lender who will do smaller amounts, contact me if you need a referral

    Please send me details 
    0Reply
  • Raymond Santana
    Property Manager · Cayman Islands · Member since 2024 · 4 posts · 0 votes
    1y
    Quote from @Linda Labbe:

    we have a lender who can do the smaller amounts if you need one contact me

    Hi Linda,

    I hope all is well with you. 

    Could you kindly provide me with more information so we can discuss further? 

    I appreciate your assistance and look forward in hearing from you. 
    0Reply
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