Lending for Single Family under contract @ $74,200 in Baltimore ?

Question

Looking for a 30 year fixed rental loan or hard money loan for a single family property currently under contract in Baltimore at $74,200. Tenant is moving out at the end of July. Looking to put down no more than 15% if possible.

Ulric Donawa · Answer

Albert,

I agree with Matthew. Real Estate investment financing under $100K and 0ver 70% LTV are hard to come by. Suggest friends and family or seller financing. Many sellers will take back a note for the right terms.

Albert Ellis · Answer

@Jason Shackleton Thanks, could you inbox me the lender? If 15% down is not feasible, that is not a deal breaker.

Jason Shackleton · Answer

Hey @Albert Ellis that is a tough one as most lenders have a 75k property value minimum requirement. I do know of a lender that has no loan min requirement. 15% down is also really tough but perhaps possible with a fix 'n' flip loan product where you finance a portion of the renovations.

Matthew Crivelli · Answer

Its going to be a challenge to find a lender period. Never mind at 15% down. Unfortunately if the loan is under 100k its very hard to get the working capital.

Lending for Single Family under contract @ $74,200 in Baltimore ?

Lending for Single Family under contract @ $74,200 in Baltimore ?

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