Hello Fellow Bigger Pocketers,
Any ideas about where I could get a small loan to rehab a house in Indiana? The private money lender I talked to said their minimum loan amount is $65K. Other than a credit card cash advance or HELOC on another property I own, any other possibilities? I'd be open to the $20K being short term financing (5-12 months) or long term (5-15 years). Any replies would be appreciated!
You might try Sofi.com , they are a trustworthy on line lender. Have you talked to family members, local retirees with self directed IRA ' s that you could offer them 10% Roi . Or friends that may Be open to being a lender and getting a good return . Won't hurt to ask , good luck. Jim
@Tricia O'Brien if all you need is 20k, and your willing do have it short term, you may even want to look into prosper or lending club, I think both go a little over that in their limit, and the terms are usually 3-5 yr.
you may also be able to just get a signature loan at the bank too (not secured by property). a lot of those they don't really have minimums and it may even be a bit quicker and easier if you have good credit.
I'm not familiar with "Prosper" or "Lending Club." Are those the full company names?
They are various online websites. Do you own a property here in town? It looks like you're in AK. Who do you have quoting you 20k? And for what amount of work. I'd gladly swing by with my guys and give you a second opinion to make sure you're not over paying. We work with out of state folks all the time.
Is this a flip, hold, or personal residence? You're funding ease will go in that same order. Flips are easy to fund. Rental is going to be harder. Personal you're gonna have to talk to your bank.
@Tricia O'Brien you can get a business line of credit, assuming you've established an entity for your business. Let me know if you want details.