Would anyone finance a $48k loan on a $60k property?
Hello BP community!
I am a realtor and investor with four investment properties and would like to purchase a home on the market for $60k. Are there any lenders out there that would be interested in a $48K loan? I welcome any feedback and/or referrals.
Thanks!
#2 All Forums Contributor
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#2 All Forums Contributor
- Real Estate Broker
- Lake Oswego OR Summerlin, NV
majority of long term lenders have a 50k minimum maybe a local bank though would do it for you.
We can go down to 40k on conventional loans in SC.
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#2 Mortgage Brokers & Lenders Contributor
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I think a small bank or credit union would be your best bet for a smaller loan like that.
@Joseph A Michel- there are many lenders that should be able to assist - you might check in with the smaller to mid size banks / credit unions close to the subject property for options
Quote from @Dave Skow:
@Joseph A Michel- there are many lenders that should be able to assist - you might check in with the smaller to mid size banks / credit unions close to the subject property for options
Found it!
@Joseph A Michel. I just had a smooth transaction with @Eric Veronica a few months ago for a similar price point. He's your guy, contact me if you need for reference if you want.
Thank you Patrick,
Jacob Crowler from First Palmetto is taking care of it for me.