Northwest Indiana Low Loan Amount Lenders

8 Replies

All, 

I wanted to know if anyone has any recommendations or experience with local lenders who lend on smaller mortgage amounts (under 100K). I googled a list of some local banks and credit unions to call - but I figured I would check with you guys first before calling. I'm looking in the Northwest Indiana areas (South Bend, Michigan City,  and La Porte mostly). 

Thanks!

@Manolo D. Maybe a dumb question, but is that the 50 for the total purchase price, or the loan amount. I've seen a few properties right at 50 K where the numbers worked. 

U can try Demotte state bank. They can do loans under 100k.

@Sarah Williams

You can check the following for loans in the $50K +/- range. Most are local. Two are regional. The national outfits were not much help as far as I can remember so I did not include any. 

I compiled this list a little over a year ago for potential low amount lenders in the Northern Indiana area more specifically - South Bend, Mishawaka, Osceola, Granger, New Carlisle and St. Joseph County, IN at large.

Local shops:

1. Centier Bank - https://www.centier.com/

2. First Federal Savings Bank - https://www.firstfederalbanking.com/

3. 1st Source Bank - https://www.1stsource.com/

4. First State Bank -https://www.fsbmiddlebury.com/

5. Lake City Bank - https://www.lakecitybank.com/

6. Mutual Bank - https://www.bankwithmutual.com/

7. NotreDame Federal Credit Union - https://notredamefcu.com/

8. Teachers Credit Union - https://www.tcunet.com/

Regional shops:

1. Key Bank - https://www.key.com/business/index.jsp

2. Old National Bank - https://www.oldnational.com/

@Anthony M.   Awesome!

I had a few of these names on my list, but there are several I didn't. You rock!

@Sarah Williams Depends on bank but usually the amount. If PP is 50k, then you front rehab and closing, they might say yes. If PP+rehab = loan amount, that's harder to find.

@sarah Williams I have used Notre Dame a few times now. I enjoy working with them and they do small loans. I am not thrilled with their terms and I would like to find a better bank. I'll say they will not go over a 15yr term on a commercial loan.

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