Looking for a low interest rental property renovation Loan

[Thomas Atkinson]

Does anyone know of a loan for $30K that is below 5% for rental property renovation?  Is a Homestyle Renovation Loan good?  Looking specifically for lenders in the greater Denver/Boulder area.

[Sanat Bhandari]

@Thomas Atkinson As far as I know, there's nothing really <6% for investment properties (maybe with a potential buy down). Here are a couple potential options to get a $30,000 loan (in no particular order):

- Friends/family since they might be willing to lend you that amount at a fairly low rate and the most flexible terms

- 0% interest credit cards with high enough limits

- This may not work but you could potentially find a credit union that may give you a HELOC/local bank at <5%. It may be impossible to find but this could be another option

- Not a 100% positive on if the rate <5% now but a loan secured by your IRA (if you have one) is one of the lower rate options out there

- Bringing on an equity partner in the deal and giving them a higher percentage of equity at a lower debt cost. I don't recommend this at all but it may be an option