Look for private money lenders or take a personal loan.
50K loans aren't' TOO hard to find. how many lenders have you called?
Most of my lenders have higher costs from 50-60K, over 60K and zero issues.
sub 50K loans is going to be very difficult to produce
Originally posted by @Oleg I. :
Hello BiggerPockets community.
I am in the process of trying to finance my fourth rental property and having a difficulty finding a lander for the rental property mortgage who would finance less than 75k.
I need a loan in the amount of 45 to 50k after I put 20% down.
My question: does anyone know any lenders who would accommodate my needs? Any help is appreciated.
Call a few listing agents of <$50k properties in your area. Say the house looks great and you want to write an offer, but your lender will not go that low. Ask for a referral. Good listing agents will always have a lender lined up for a wonky property.
Try US bank. Their loan minimum is 35k
@Oleg I. maybe try posting this in the Virginia forum to see if any locals can point you in the right direction...assuming that the property is in Virginia that is. If you would like you can Private Message me, I know one lender in Virginia with no loan minimum. Thanks!