Can't get a 30k private loan: on current free and clear SFR

[Michael Zau]

I bought an SFR cash because the comparable sales within a mile were around 70k and the "as is" close now price was 20k. I figured that I could buy it, refi, get my cash back and then refi into a bank loan after 6 months of seasoning. Rents are around 800 a month. Anyone else have similar issues. (property is in St, Louis county, Missouri). If anyone can help my head scratcher on this one... I figured that at least a private lender could do it. And I have come with ZERO answers....

[Chris Mason]

Originally posted by @Jay Hinrichs:

most banks or HML wont fool with that low of loan balance.. local banks will for local clients.. but rarely for those that live out of market. too big of risk of failure in those low values assets.. they know the risks. So they redline against investors who are not well known to them..

 Are you sure redlining is the right word here? :)