Hard Money/PML Minimum requirements

6 Replies

I am having difficulty finding any PML or hard money lenders that will work with deals under 100K. I have a cash flowing property under contract with an EMD. If anyone has a list of lenders who are willing to look at deals under 100K please let me know.

@Ozie Jackson   Have you tried any local banks / credit unions in your area?

I've received a few loans in the $35k - $75k range, purchase + rehab financing, through the commercial departments of local banks in my area.  These properties needed a good amount of work and would not qualify for conventional financing.  

 @Tom S. I contacted my credit union, however, their process will take longer than the seller will wait. I figured if I could get the contract closed I could get the property refinanced a later time.

@Nicholas Scatton This is what I am hoping for. Usually, properties under 50K require significant rehab and a larger loan. I put a sub $50K bid on the property, which is ready to go, and the seller agreed.

Originally posted by @Ozie Jackson :

I am having difficulty finding any PML or hard money lenders that will work with deals under 100K. I have a cash flowing property under contract with an EMD. If anyone has a list of lenders who are willing to look at deals under 100K please let me know.

 If it is really a good deal look for a finance partner.  Remember 50% of something is still better than 100% of nothing.

Originally posted by @Calvin Lipscomb :
Originally posted by @Ozie Jackson:

I am having difficulty finding any PML or hard money lenders that will work with deals under 100K. I have a cash flowing property under contract with an EMD. If anyone has a list of lenders who are willing to look at deals under 100K please let me know.

 If it is really a good deal look for a finance partner.  Remember 50% of something is still better than 100% of nothing.

I would definitely consider a finance partner and would have had one in place before making an offer had I known what I know now.