Investor · Florence, AL · Member since 2016 · 65 posts · 20 votes
I’ve researched but keep finding lenders who won’t go below $75K loan amount.
Needs to be under my LLC, and based on asset value/rental income. Getting a mortgage in my personal name is not an option.
I’m preapproved for larger amounts. The lender minimum is my sticking point.
Any suggestions?
Try going to your local commercial bankers. A lot of bigger lenders don't want to mess with small commercial loans, but you should be able to find a local lender that is willing to work with you.
@Cassi Justiz thanks for the reply. I did try a few local banks, but they want to use my personal income and credit score for loan decision rather than asset based.
@Kim Bayless
See if you can get a businessline of credit instead some lenders will go as high as 50 k . Seller financing is often an option in these lower priced amounts