Any hard money lenders willing to lend under a minimum of 100k?

[Andrew Kilgore]

Hello all! I have found a cheap property in the Anniston/Oxford (Alabama) area for around 20k. I haven't estimated rehab costs, but hypothetically it would cost around 30k for a full rehab. I am also estimating the ARV to be around 85-90k. The problem I'm running into is I can't find any hard money lenders that are willing to lend under 100k. Do you guys have any recommendations, or do you think I should just try to find another deal?

[Michael Kinsella]

Hi Andrew,

Things do get tough around that level.

Many HMLs will have loan minimums ranging from 50k-100k.

Local HMLs are probably your best bet, if not some local private individual lenders.

Probably the best way to meet each type of lender is attending some local REIA evens.

There, you should be able to meet some HML reps and individual private lenders.

Best,

Michael