Long Term Rental Loans for low cost properties?

Question

I am looking at 8 houses as a part of a deal i am getting at 30k a door(The rentals in the area are very good). The dilemma is that i am not able to find a hard money lender who does long term rental loan for prices this low. Does anyone know of a lender who can help?

Thank you

Satvinder Sihra · Answer

Thanks @Jason Taliaferro for sharing that knowledge!

Jason Taliaferro · Answer

@Satvinder Sihra Navy Federal is a credit union. If you pretty much have a service member in your family you can get an account there. https://www.navyfederal.org/

Satvinder Sihra · Answer

@Jason Taliaferro   What is a conventional Navy Fed?

Rahul Gupta · Answer

@Ron Rohrssen I am not opposed to the traditional route but apart from US bank, i have not come across any other banking institution who would lend on low priced properties. I am open to any kind of sourcing that could work so that i have something to compare US bank deals with.

If there is a private lender who would do a deal, i can do 20% down.

Thank you

Ron Rohrssen · Answer

@Rahul Gupta Why do you need a hard money lender instead of a traditional (residential/commercial) mortgage?

What are the terms you are seeking and the amount needed to finance?

Perhaps if you positioned this as an investment offering with the pro forma, and many other details you would find someone willing to back your play.

Rahul Gupta · Answer

@Jason TaliaferroThese are already rented out and no work is needed. I am looking for a possibility of financing them somehow.

Rahul Gupta · Answer

@Satvinder Sihra These are in IA

Jason Taliaferro · Answer

What is the condition of the property? If you can swing a conventional Navy Fed goes down to $10K mortgages. If if you need a repair to make it go conventional you can escrow the amount of the repair but that is up to the lender.

Satvinder Sihra · Answer

Hi Rahul,

what state are you going to be buying this out of?