Obtaining Financing For Properties Under 70K.
I was wondering if any of you have had this problem I am having. I have found a duplex, and another property that has 2 apartments and a post office. The problem is both are under 60K, and it seems hard to find lenders to lend money for that little amount. One can owner finance, but he wants 20K down which I don't have. Both have almost 600 a month in positive cash flow. I really would like to do these deals. I would appreciate all of your help. Thanks. Jon
You're actually talking about two very different types of loans.
1. The duplex is a residential loan and finding a lender that will go below $70k shouldn't be a big problem. I'm currently doing one in MD for $28k.
2. The apts. and PO are a mixed-use, and therefore, commercial property. As a mortgage broker the only lenders I can find for loans under $150,000 are local banks.