I have a contract on a SFR property for $20,000. Because of today’s economy, I can’t find a lender to give me a mortgage for less than $50,000. In addition, I have not been able to get approved for a personal loan in that amount because those are considered “unsecured”.
Please help!!!
Have you tried Hard Money?
I have contacted 2 companies, but not spoken with anyone yet. I don’t really know the best hard money lenders to contact. Hopefully I will get responses soon.
Thanks for the suggestion!
$20,000? Put it on your credit card. That would be cheaper than hard money.
Great for the FICO too… :shocked
There are a couple lenders which may work but more info is required.
To start:
credit score?
income doc type?
do you own a primary residence?
how many investment properties do you own?
purchase dates on those
how much down are you putting?
where is that money coming from?
Do you have a legal entity that is seasoned at least 2 years—if so, there are unsecured LOCs available…
You are proabably better served speaking to a community bank—working with a broker might prove to be costly (given the loan amount).
Regards,
Scott Miller