Mortgage under $50k for St. Louis property

3 Replies

I’m looking to purchase my 6th under property (under $50k), but am out of money. I hear there are lenders (banks, credit unions) out there that will lend this small amount. I would like to avoid Hard Money Loans at this point. Do you know of any lenders? Thank you.
@Mark Wurtemberg Just about all banks will loan 25k min on a purchase. (Personal or commercial) I’ve used multiple for small / quick loans around the 30k range. Move found that the very local banks can usually turn these around in under 30 days.
@Mark Wurtemberg Local to the area in which you invest. Most local and even some regional banks, will only lendnwithin a specific radius or with specific counties. I use two local lenders, one will only lend within about 30 miles of their “home branch” and the other will only lend within the 2 counties they have branches. Great as long as the deals you’re targeting fall within those boundaries, not so much if you are looking elsewhere.