Are there lenders with super low minimum borrowing amounts? <$20k
I can find private and HML sources all day long but the issue I consistently run into is the minimum loan amounts exceed what is needed and the value or purchase price of the properties.
Does anyone know of lenders that will finance/re-finance amounts between $5k and $20k? Particularly helpful if they will loan directly to LLC that holds the current properties.
I appreciate the feedback!
Most Popular Reply
Credit card.
Even if you found a lender to do it, flat closing costs would be a ridiculous % of loan amount.
A flat $1500 origination fee is mathematically identical to 30 points upfront on a $5k loan. Not 3 points, THIRTY points.
The first step if you want cost effective mortgage money in those smaller amounts is to dismantle the CFPB, repeal Dodd-Frank, and then we'll talk.