Hard Money Lender for 80,000 needed

[Oscar Padilla]

Good afternoon everyone, I am looking for a HML for a purchase price of 80,000 and rehab. So far I can only find HML's that require a 100k or more purchase price. Has anyone recently used a HML for 80,000 Purchase Price?

[Stacy Raskin]

There are lenders that will help finance up to 90% of the purchase price and a 100% of the rehab up to 75% of the ARV with 660 and above credit (the exact details depend on the property and the borrower's credit profile. A better credit score will get a higher LTV). The $100K minimum is a combination of the purchase price (with the borrower coming in with 10-20% of the purchase price for the down payment) and the rehab budget so the property itself can be under $100K. Lender options vary state by state as lenders are licensed state by state. This option is available for Ohio where you tagged the post.

Happy to connect to discuss further.