Real Estate Broker · Hyde Park Tampa, FL · Member since 2019 · 2k+ posts · 3k+ votes
7y
I spoke with Lending Club about small loans for an investor client. They offer up to $40k with terms of 36 to 60 months; there's no cost to apply and you apply online. Please know that I am NOT recommending them - I've never done business with them nor have my clients (yet) but I did find the representative to be knowledgeable, respectful, and helpful. Might be worth a call...
Real Estate Broker · Hyde Park Tampa, FL · Member since 2019 · 2k+ posts · 3k+ votes
7y
I spoke with Lending Club about small loans for an investor client. They offer up to $40k with terms of 36 to 60 months; there's no cost to apply and you apply online. Please know that I am NOT recommending them - I've never done business with them nor have my clients (yet) but I did find the representative to be knowledgeable, respectful, and helpful. Might be worth a call...
Lender · TX · Member since 2018 · 936 posts · 713 votes
7y
@Ira Harden I highly suggest you look to local banks for a LOC (line of credit) on the house. They will be your best bet on a deal like this. They typically have low minimums and with the home purchased outright, it has decent equity. The only problem I see is that they will stop at 75 or 80% of the home's value so $16k. Do you have the reminder to finish the project?
Investor · CA · Member since 2011 · 5 posts · 0 votes
7y
@Ryan Blake - Thanks for the suggestion. So you're saying they'd only lend on the current value? If they did that it would be closer to $8k. What would you suggest if I needed an extra $12k - $15K?
Lender · TX · Member since 2018 · 936 posts · 713 votes
7y
@Ira Harden So the current as-is value is only $10k? You are correct that they will only lend an LOC on the property at 80% of the value. Your other option is to take out an LOC on your primary residence but you will have to have equity to justify it. If you can't get that, then your last ditch effort is to seek financing from someone at an investment meet up ideally in the area of the property so that the investor can clearly see the opportunity in the property. You will probably have to give up a large chunk of your profit to them for it.
For such a small amount-- I'd suggest doing a personal loan, either LendingClub.com, Prosper.com, or if you have an equity line on a house. If you have the limits on your credit cards, you could also do a balance transfer. IMO it's so small, that it'd be easier for you to get it yourself vs. jumping through multiple hoops with a bank or HML.