Looking at a rehab to fix and hold. It is a lower end deal, low price. Total needed for buy and fix $50K tops. But I am learning that lenders will not lend on something this small. Now what.
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I haven't heard of lenders having a minimum for a secured loan. Are you getting denied by banks or is this just private money? The good news is that with a loan that small you could go the hard or private money route and would be likely to find someone to lend to you. I'd continue to seek out banks and particularly ones who do portfolio lending.
They are hard money and private, and they have minimums, least is $50K. Banks I havent even applied b/c I have a preconceived notion I dont fit their criteria: no job. Seems as though the hard money and private are not interested in less than $50K because they dont' make enough money on low end loans. Hmmm, portfolio lending.... what is the criteria for that, usually? Is it deal based or borrower based? THanKs!
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