Low Limit Indianapolis Lender Recomendations?

Question

Hoping to get some Lenders that are willing to Lend on a small loan amount. I have my eye on a SFR listed at $49000 that is rent ready. I was just notified by my usual lender that due to Covid they have adjusted their minimum loan amount to $50,000. Anyone have any recommendations for lender that could make this happen? I am trying to avoid using cash on this property.

Thank you in advance!

Rocky DeFalco · Answer

@Simon Stahl Thanks for the recommendation! I will speak with Matt.

Simon Stahl · Answer

@Rocky DeFalco Talk to Matt Tucker from Caliber Home Loans. I worked with him before and they used to do $25k min loan amount. Not sure if that has changed since the beginning of the pandemic. But tbh, with a $40k loan, the fees just become a pretty hight percentage so I would think twice if that is worth it or not.

Rocky DeFalco · Answer

Zak,  I am still looking for one that will do under $50,000. If I find one I will certainly let you know I have a call scheduled today with one my Agent recommended. I will keep you posted.

Ziv Erez · Answer

I'm also looking for a lender for about $50K.Can you recommend yours?

Rocky DeFalco · Answer

@Charles Paddock

Normally I would do that but the loan Has to be $50,000 or more. In this case the loan is only $40,000.

Any other ideas?

Charles Paddock · Answer

Why don’t you offer 50,000 or more with Seller concessions on the back side. The seller will write you a check at closing