Looking for commercial lenders with under 250k minimum per a loan

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Looking for commercial lenders with under 250k minimum per a loan

Antoine Fields
Rental Property Investor · Miami · Member since 2019 · 8 posts · 0 votes

I'm a out of state investor looking for lender's that will do loans for commercial residential real estate for under a 250k minimum and under 25k per a unit? Also, I'm running into a issue where a lot of local credit unions are not allowing to provide loans to me because I don't live in the area. 

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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y

    Where is the property located? What kind of property is it? and Are all units occupied?

    [email protected]818-269-7983
    LuxePrivate Investments LLC 570 Reviews
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  • Antoine Fields
    OP
    Rental Property Investor · Miami · Member since 2019 · 8 posts · 0 votes
    2y
    Quote from @Erik Estrada:

    Where is the property located? What kind of property is it? and Are all units occupied?


    14 of the 16 units are occupied. Located in Jonesboro, LA. All the units are residential.

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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y
    Quote from @Antoine Fields:
    Quote from @Erik Estrada:

    Where is the property located? What kind of property is it? and Are all units occupied?


    14 of the 16 units are occupied. Located in Jonesboro, LA. All the units are residential.


     You should be able to finance this as long as there is no severe deferred maintenance. 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 570 Reviews
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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2y
    Quote from @Antoine Fields:
    Quote from @Erik Estrada:

    Where is the property located? What kind of property is it? and Are all units occupied?


    14 of the 16 units are occupied. Located in Jonesboro, LA. All the units are residential.


     16 units and its worth under $250k. that is probably the problem

    7e investments53 Reviews
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  • Antoine Fields
    OP
    Rental Property Investor · Miami · Member since 2019 · 8 posts · 0 votes
    2y
    Quote from @Chris Seveney:
    Quote from @Antoine Fields:
    Quote from @Erik Estrada:

    Where is the property located? What kind of property is it? and Are all units occupied?


    14 of the 16 units are occupied. Located in Jonesboro, LA. All the units are residential.


     16 units and its worth under $250k. that is probably the problem


    The property requires no major maintenance needed. I'm running into issues with the lenders having a minimum per a unit that is above $25k.

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2y
    Quote from @Antoine Fields:
    Quote from @Chris Seveney:
    Quote from @Antoine Fields:
    Quote from @Erik Estrada:

    Where is the property located? What kind of property is it? and Are all units occupied?


    14 of the 16 units are occupied. Located in Jonesboro, LA. All the units are residential.


     16 units and its worth under $250k. that is probably the problem


    The property requires no major maintenance needed. I'm running into issues with the lenders having a minimum per a unit that is above $25k.


     what is the property worth? are you buying it or refinancing it? How much equity you putting into the deal

    Issue with these types of properties is a roof will still cost thousands, as does heating and electrical work. rents are probably $300-$400 which basically makes one minor repair eat up the entire months rent.

    7e investments53 Reviews
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  • Nate HerndonPro Member
    Lender · Springfield, MO · Member since 2023 · 278 posts · 195 votes
    2y
    Quote from @Antoine Fields:
    Quote from @Chris Seveney:
    Quote from @Antoine Fields:
    Quote from @Erik Estrada:

    Where is the property located? What kind of property is it? and Are all units occupied?


    14 of the 16 units are occupied. Located in Jonesboro, LA. All the units are residential.


     16 units and its worth under $250k. that is probably the problem


    The property requires no major maintenance needed. I'm running into issues with the lenders having a minimum per a unit that is above $25k.


    Hi Antoine, I utilize a program for client's commercial deals that only has a minimum loan amount requirement of $100,000. The value per unit is not an issue, but it must fall into a top 300 metropolitan statistical area (MSA). Shreveport falls into that top 300 at #140.

    Would be happy to connect and discuss further!

    [email protected]417-605-2196
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  • Milton WeathersII
    Member since 2024 · 13 posts · 2 votes
    2y
    Quote from @Antoine Fields:

    I'm a out of state investor looking for lender's that will do loans for commercial residential real estate for under a 250k minimum and under 25k per a unit? Also, I'm running into a issue where a lot of local credit unions are not allowing to provide loans to me because I don't live in the area. 


     Well , My Name is TK and I can get you funded up to a Million dollars

    you just need to have 4 months of bank statements, with deposits over 10k / per month , and a fico of 500 or better , give me a call if you are interested 213-448-6496 I am with American funding

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