Small loan on investment property
Good morning,
I am going to make my next purchase in the next few months either for my own primary residence in CA or another multi family (2 - 4 units) investment property out of state (I bought my first two in the summer of last year).
I have been able to secure financing if I go the primary residence route but I am hitting some road blocks on the investment loan.
I only want to buy something worth 60 - 80K and my loan will only be 75% of that so I am looking at a loan worth 60K max. The few lenders I have called have indicated that they do not fund loans that small.
Does anyone know where/how I can find lenders who would be willing to offer such small loans for investment properties? Ideally I would like a nationwide lender as I am still unsure on which state I will buy in (NC, FL, OH, IN are my main options)
Alternatively should I be looking at a personal loan rather than a home loan for this kind of small purchase?
I have never bought a property this cheap before so I am unsure of my options or what the best route for me would be.
If anyone knows where/who I can ask please let me know. Any information or guidance would be appreciated.
Thanks so much.
David