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).
@Sarah Williams Most of them do, the small limit is sub 50k not 100k.
@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.
@George A. Thanks, I'll look them up :)
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.
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/
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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