sub 100k Investment mortgages

[Elias Hay]

looking to expand my rental portfolio by looking at properties in St. Louis and Indiana. most of the properties been viewed are between 70 and $100,000. Are there lender recommendations that do loans under 80,000? especially DSCR?

[Elias Halvorson]

Quote from @Donna Johnson:

Quote from @Elias Halvorson:

Elias, my brother from another mother. I would recommend just getting a personal loan. Much cheaper with fees and likely the same or a lower interest rate. Sofi.com goes up to 100k personal loans. 

 I just went to Sofi to see about a personal loan, but there is a box a person must click to agree which states "....I certify that loan proceeds will not be used for........real estate, securities or any business purpose".  Does Sofi have a separate department that loans for real estate/business?  Maybe this is a recent addition to their loan agreements?  Any other lenders you might be aware of which would give a persoanl loan to be used for RE?  I'm thinking a loacl bank/CU, but if the property is in a different state than I am, or (eventually) have properties in different states, probably not worth changing banks to get a personal loan.  

This is a fairly new(ish) caveat. They really dont check this though. I would rather press with the personal loan option then get raked over the coals by fees and just as high (if not higher) interest rates that you'll get with a DSCR loan.