Johnstown, PA · Member since 2017 · 15 posts · 0 votes
I applied to a few banks and each told me 30k was to small for a conventional loan. This is my first investment property. Can any of you guys give me some tips how to make this work?
Some banks do not have a minimum loan amount. I would look at local banks and credit unions close to the subject property. Keep trying until you get what you want.
Some banks do not have a minimum loan amount. I would look at local banks and credit unions close to the subject property. Keep trying until you get what you want.
Jonathan Kramer
Most lenders don't do loans under $50k-$75k. Certainly not conventional loans. Even hard money outfits don't much under $100k.
Best bet is to talk to small local lenders, credit unions, or raise the money from investor.
You can go the route of conventional...... You need an investor friendly lender that will go to that low of a mortgage amount. It can be tough in your price range, but it is possible.