I wanted to know if there are lenders that specialize in smaller loans, 20-75K, for smaller projects. I went through the posted list here and most of them start loaning at higher amounts.
Thanks
Ron
Ron,
You’re right, most HML have a minimum of $100k, some even $500k.
There are a couple however that will loan on lower loan amounts $40-$50K.
Sent you an pm.
Right on.
bump!!!
If you’re loans don’t meet the minimum consider putting a couple deals together under 1 loan.
HOW WOULD YOU DO THAT?
Simply put,
The lender would put 2 small loans , which may have been perfect scenarios other than not meeting the minimum, together as 1 loan.
Maybe even 3 or 4 properties if you have the crew to manage that many in a short period.
Banks usually call this a blanket loan.
Ben, will they typically do these on a rehab type loan? these houses need repairs but I could get both done in two wks time. Then what about refi them after so I can cash out and payoff the HML or current lender? Is this something that you specialize in with investors?
I’m talking to a rehabber looking for investors. Is this the kind of deal one could blanket?
He has done several at a time, so that would not be a problem.
Thanks in advance.
yes,
www-
these are just a small part of investment loans that I specialize in.
The hard money loans are indeed for rehabbing…
If your scores are high enough a cashout would be possible.
nbay-
not sure I understand what you’re asking