Where can I find $10-15k loan to purchase RE against property I inherited in GA s collateral?
Hi Michael,
The problem is not that you want to use your inheritance as collateral…but that you want to borrow too little. Set your sights higher because most lenders have minimums, usually about $50K.
Where can I find help with hard or private money lenders? Does anyone have any pointers.
Michael is correct, most lenders have a minimum of $50k.
In their eyes, they think that if you are unable to save up $10-$15k, then you are really not that qualified.
Wholesale property first or save money, then start looking. Lenders are looking to make money and can’t make much off a small loan.
scsj - in what state are you looking for private money lenders?
Matt Horwitz
you can’t get a mortgage for that little because many of the cost associated with a mortgage, appraisal, underwritting fees, etc etc, are not any cheaper on a $30k house, than they are on a $100k house,so the expenses are high as a percentage of the loan amount, which puts them into the category of predatory lending, they government thinks the fees are too high and that the lender is taking advantage of you.
So the government “taking care of you” keeps lenders from wanting to do these loans.
Talk to a mortgage broker in your area and see if they might be able to do something short term with private money,but as far as long term, you might talk to a banker about a private line of credit
We have a few hard money lenders that only loan on commercial deals.
Because your loan amount is small you will probabaly have to go to a private or hard money lender and they’re going to be much quicker too. For a list of hard money lenders just look on the left side of this page under Investor Resources the first topic is Hard Money Lenders, click on the link and you’ll find a list of companies with the property type and states they lend in.
That is correct…the loan amount is too low for most private lenders to consider.
Typically we find that 40k is the lowest that most will go. The amount of work
that goes into a deal just isn’t worth it when the loan amount is that low.
You have it backwards, first you find the deal then you find the lender.