Cannot find a lender. Please help!

[Fallon Gilbert]

Hey all,

I’ve been having an extremely hard time finding a lender for my situation. I have 3 properties that are owned free and clear however the values are less than $75,000 each which most lenders will not do a portfolio loan on. I would think there would be a lender some where that would since the houses sell for under $75,000 on average. I’ve tried contacting local banks and credit unions however they’re telling me I would have to live in the state which I do not. Any advice or help would be appreciated.

Thank you!

[Erik Estrada]

Quote from @Fallon Gilbert:

Hey all,

I’ve been having an extremely hard time finding a lender for my situation. I have 3 properties that are owned free and clear however the values are less than $75,000 each which most lenders will not do a portfolio loan on. I would think there would be a lender some where that would since the houses sell for under $75,000 on average. I’ve tried contacting local banks and credit unions however they’re telling me I would have to live in the state which I do not. Any advice or help would be appreciated.

Thank you!

 You may be able to do a blanket loan on these as long as they appraise for $70,000 and are not in a rural location.