Financing in 60617>Question Details

Joe,  in Mesa  Dunes Estates,...

Looking to invest in income properties in the 60617 area. Having trouble finding banks willing to do loans under 100k. Can anyone help?

Asked by Joe, Mesa Dunes Estates, Yuma, AZ Thu Dec 16, 2010

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Hi Joe,

I'd be happy to help. We are to lend on investment properties with a 20% or more down payment. Additionally, we are a Fannie Mae direct lender which allows us to lend to a borrower with up to 10 properties (a 720 fico score is required)

Thanks,
Andrew
aluett@luettmortgagegroup.com
1 vote Thank Flag Link Fri Dec 17, 2010
we will go down to 50K

Riccardo Wardlow

Cross Country Mortgage
630-670-8266

RATED A+ WITH THE BBB

*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 620 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 620 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
0 votes Thank Flag Link Fri Apr 25, 2014
This is a pretty straight forward scenario. Most lenders will do investment property loans down to 50k but I'm sure some loan officers will tell you they won't go below 100k to avoid the extra work for the small loan.

The way I see it, every borrower, whether it's a big or small loan is another person who knows you're good at what you do and another person to "market" for you. Seems kind of silly to me for anyone not to want another happy customer, even if they're not making bank on the loan.

Just my opinion...
Web Reference: http://RobWeber.com
0 votes Thank Flag Link Wed Apr 23, 2014
I would look at the private money route. Perhaps get several properties and then look for bank to finance all together in bigger loan.
0 votes Thank Flag Link Fri Apr 11, 2014
Joe, have your Realtor search for private individual sellers that offer to finance your purchase. Or buy super cheap for all cash. Need a partner with cash? Call me to discuss the possibilities.
0 votes Thank Flag Link Fri Dec 17, 2010
The key thing here is that you're looking for a loan on a non-owner occupied property. So I understand your dilemma. Commercial loans are a different animal.

I see my colleagues have no shortage of suggestions for you. Hopefully one of those works out for you.

If you still find yourself unable to find a lender, drop me a line. I have lenders who can help you.
0 votes Thank Flag Link Fri Dec 17, 2010
HI JOE YOUR RIGHT BANKS ARE NOT LOANING INVESTORS MONEY
THE WAY TO GO IS HARD MONEY AND THIER IS A LOT OF THAT OUT HERE NEED HELP FINDING IT GIVE ME A CALL
GINA
0 votes Thank Flag Link Fri Dec 17, 2010
Hello, Joe
We work with lenders who will lend on loans under 100K. The issue is locating the lenders who will give you the best interest rate on your investment loan. We are currently assisting buyers in locating the best deal in that area, and also dealing with some properties that are not on the market. Give our office a call and we will start working right away to solve your financing issue and locate the investment property that you are looking to purchase. Thank you for your time.
0 votes Thank Flag Link Fri Dec 17, 2010
Hi Joe I have a suggestion for you NO BANKS! There has been a shift in the way Investors and even home owners finance their Real Estate deals. Private Equity funding is fast becoming a viable option for anyone looking to purchase Real Estate. Hard money is also becoming a viable option for investors by dropping their rate below 10% they have also positioned themselves to steal a large part of the market from the banks.
I currently have access to both forms of financing in the Chicago area give me a call if you would like to discuss further.
0 votes Thank Flag Link Fri Dec 17, 2010
Hi Joe, I am working with a couple of banks who have financed $250k and under loans in this area. I currently own three single family homes in 60617 and additional homes/multi units in adjacent areas. There are obviously many factors in being able to get a loan...including whether your client is seeking a construction loan or end loan. I may be able to assist. Send me an email with more details.
0 votes Thank Flag Link Thu Dec 16, 2010
Yes, go to the Quiken loans website and register. they can and will do these loans at a fair rate and terms.
It is full documentation and credit driven.

good luck, Joe.

Dave
0 votes Thank Flag Link Thu Dec 16, 2010
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