How to get a loan less than $50k

Question

Hi all. I am looking to purchase my first property. I am looking at some properties under $100k, and even under $50k. I am looking for 5 - 15 acres with or without a small structure/house. My plan is to build a cabin/glamping site to be listed on Airbnb.

My main concern is finding someone to give such a small loan. I have $10K budget for down payment which is >20% of a $44k single family property I am interested in.

How am I going to secure this loan??

Liam OSullivan · Answer

Hi Colton , reach out to Julie Fulling at National Bank of Coxsackie in Cairo , I’ve found her to be very helpful for all types of loans .

Eric Baker · Answer

@Tim Corey I’ve not looked into anything STR as of yet because my area doesn’t have a high demand for it, but I would imagine a credit union would be more apt to look closely at those numbers. I like credit unions because they don’t have all the red tape that most other big banks have. Plus with a solid relationship at a credit union you can use that for years and years.

Tim Corey · Answer

Interested in this as well. How do you think a conventional mortgage bank would assess the ARV for an Airbnb/Glamping property?  I'm specifically curios about glamping type tents. Are they technically "part" of the property?

Edward Dandrea · Answer

I'm using Wayne bank for a HELOC they underwrite themselves

Samantha Cash · Answer

I can't speak to the loan amounts, but I've also heard good things about National Bank of Coxsackie. I used Trustco Bank for my first househack, they are a portfolio lender and don't sell loans to Fannie or Freddie. Another one I've heard great things about is Homestead Funding. Not sure where you are but I have names of folks you can talk to if you are looking in Greene County.

Eric Baker · Answer

@Colton Hart I’ve been looking into getting lines of credit for instances like these. Your ARV I’m sure will be much higher once renovated so you can just apply for a conventional mortgage after the fact. And the good thing about lines of credit is you can do interest only payments similar to a construction loan or break the payments however you see fit.

Tim Corey · Answer

Hi Colton, I've been looking into doing something similar and had this same question! The hipcamp app looks like another promising place to list camp sites like this.

Liam OSullivan · Answer

I don’t know that Beau, I just work locally .

Liam

Beau Watson · Answer

@Liam OSullivan

Do you know if they are able to do loans outside of NY?

How to get a loan less than $50k

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