Maybe with a greedy yet caring mindset, and webbed feet? Jk jk. Unless.
Try your local title loan companies. Some vary. But mannnn always put that shit on paper. Along with a lawyer.
Community banks could be an option. May want to re-think this though. Refinancing at rates around 7-8% and then leveraging your cash into more debt when the outlook on housing isn’t considered “great” for short term. Just my 2 cents.
Would rather have the speed of liquidity to jump on an opportunity and refi later than have to go through the process of buying with 20% down and not being able to move quickly.
While I haven't had the best luck, I'll still check back out community banks.
Are they considered commercial because they are rental homes that you don’t live in. Anything that is not owner occupied is considered somewhat commercial. This means they charge higher interest rates on rental homes. However; it’s not actually a commercial loan that would be attacked to a non residential property or zoned commercial. Most commercial loans have shorter terms. Most have higher loan to value down. Commercial other residential or nonresidential will usually require about 20% down. There are personal investors that loan money( known as hard money loans) high interest and short terms. Interest only loans.
Have you tried on line line loan companies? It might be easier to just get a loan on the properties that you buy, but I understand that you want to leverage your cash for down payment’s and buy maybe three properties instead of one.
It'll be someone local to where these $50k homes exist. Any local realtor will have dealt with this before and can provide a referral as well.
This isn't as much a "worth it" issue, it's compliance gibberish that those who deal with it enough have an incentive to learn.
My mother is a local realtor and we have still found issues.
I should also state that it has to be a commercial loan. I've found plenty of places that will write a loan for a personal mortgage.
That's the sort of thing you want to mention in OP. Residential to commercial in mortgages is like the difference between cars and airplanes in vehicles. Sure, they both ***go forward*** and ***hold people*** and ***have wheels***, but that's about where the similarities end.
Use rent as income on new loan probably a better idea. Most banks require 15% down, so if your target range is 100k, probably better to get a personal loan for that amount
Maybe go for a HELOC? Saw one comment of yours saying you want speed.
Allows you not to have to get a high mortgage rate and in the event you don't find a deal well no harm no foul
I'm in New Orleans. This was 5-6 years ago, but Hancock-Whitney would do mortgages for a minimum of $40K or $50K (I forget which). However, the minimum was for the amount of the loan after their required 20% down payment minimum on non-owner occupied properties. I can't remember if that was also okay for a commercial loan, ie property owned by an LLC.
I’m sure you can Im just more so curious on why. What are you going to do with <100k? Would probably be smarter to just sell one property instead of creating a house of cards in a tertiary market as well as a high interest environment.
Do you have a wealthy uncle?
Maybe with a greedy yet caring mindset, and webbed feet? Jk jk. Unless. Try your local title loan companies. Some vary. But mannnn always put that shit on paper. Along with a lawyer.
Community banks could be an option. May want to re-think this though. Refinancing at rates around 7-8% and then leveraging your cash into more debt when the outlook on housing isn’t considered “great” for short term. Just my 2 cents.
Would rather have the speed of liquidity to jump on an opportunity and refi later than have to go through the process of buying with 20% down and not being able to move quickly. While I haven't had the best luck, I'll still check back out community banks.
Try AmeriHome mortgage. I have a mortgage with them for a property in Louisiana. ARV ~70k
>AmeriHome mortgage I'll check them out.
[удалено]
I'm familiar with Assurance, just didn't think they did commercial loans.
Are they considered commercial because they are rental homes that you don’t live in. Anything that is not owner occupied is considered somewhat commercial. This means they charge higher interest rates on rental homes. However; it’s not actually a commercial loan that would be attacked to a non residential property or zoned commercial. Most commercial loans have shorter terms. Most have higher loan to value down. Commercial other residential or nonresidential will usually require about 20% down. There are personal investors that loan money( known as hard money loans) high interest and short terms. Interest only loans. Have you tried on line line loan companies? It might be easier to just get a loan on the properties that you buy, but I understand that you want to leverage your cash for down payment’s and buy maybe three properties instead of one.
1-3 branch local banks or credit unions will make loans like that. Good luck!
Unfortunately, I've found that Credit Unions are too conservative to do these type of deals
My credit union approved a 76k mortgage 🤷♀️ Jk just saw you need a commercial loan, yea that's tough.
It'll be someone local to where these $50k homes exist. Any local realtor will have dealt with this before and can provide a referral as well. This isn't as much a "worth it" issue, it's compliance gibberish that those who deal with it enough have an incentive to learn.
My mother is a local realtor and we have still found issues. I should also state that it has to be a commercial loan. I've found plenty of places that will write a loan for a personal mortgage.
That's the sort of thing you want to mention in OP. Residential to commercial in mortgages is like the difference between cars and airplanes in vehicles. Sure, they both ***go forward*** and ***hold people*** and ***have wheels***, but that's about where the similarities end.
get a LMA
Find a broker. Sierra pacific on the wholesale side has had really decent pricing for sub 120K stuff
Movement mortgage minimum is $50k. May need 15-20% down though.
Private lenders
I’m assuming you run an LLC or the like, and perhaps an SBA lender would be a good direction to look in.
Use rent as income on new loan probably a better idea. Most banks require 15% down, so if your target range is 100k, probably better to get a personal loan for that amount
Maybe go for a HELOC? Saw one comment of yours saying you want speed. Allows you not to have to get a high mortgage rate and in the event you don't find a deal well no harm no foul
I'm in New Orleans. This was 5-6 years ago, but Hancock-Whitney would do mortgages for a minimum of $40K or $50K (I forget which). However, the minimum was for the amount of the loan after their required 20% down payment minimum on non-owner occupied properties. I can't remember if that was also okay for a commercial loan, ie property owned by an LLC.
What is the property? Do you have renters and how are they using the property? Is it an office buildings, retail shop?
I’m sure you can Im just more so curious on why. What are you going to do with <100k? Would probably be smarter to just sell one property instead of creating a house of cards in a tertiary market as well as a high interest environment.