You have to call up a bunch of banks and see what they say. They usually don’t post the info on the web. Last year I had someone from BOA tell me they could loan under 50k. Probably depends based on the branch. It’ll only take a few minutes to call each one. Also make sure to state it will be an investment loan as well and you should get their rates and other info such as down payment required,etc.
The posters are correct when they say hit the banks. But you gotta visit with the small local banks or credit unions. They can do in house loans very easily on 3-5 or 7 yr arms for that small of amount. You could also buy the house with a credit card if you have a line that big. You could look for private money. Don’t call these banks btw. You need to stop in and visit with them face to face.
If you don’t have the credit to do so then go the private money route or credit card route.
Why not simply build business credit and get the $ within 3 months? If you don’t know what business credit entails then you may be missing out…Google and YouTube it and you’ll be amazed about how ppl go about biz the wrong ways these days…
Checking with small banks, as many posters have suggested, is probably the way to go. One more suggestion: Check with a mortgage broker. It’s not uncommon for some mortgage brokers to have have dozens of relationships with different lenders. You may find that a mortgage broker is able to quickly find the lenders who offer loans under $50K.
I second not using a hard money loan. Call up the regional banks and credit unions and see what they can do for you. Another option is to save until you can afford it. $50k isn’t that much and you’ll have no interest to worry about. Housing isn’t going anywhere anytime soon. Even if it does, you’re buying on the way up.
Outside the box thinking:
Just because your using it to buy a home doesn’t mean it has to be a home loan.
Do you have anything of value to use as collateral? HELOC on another property? Loan on a car you already own?