Sounds more like hard money....
I'm thinking in the 9% range....6months repayment with monthly payments and balloon at the end.
However I just saw the word condo....lots of hard money lenders won't lend on condos and many banks won't loan on under $50,000 so you may be in a bit of a tough spot.
Call me and let me know what you are thinking about doing and maybe I can point you in the right direction.
Fannie Mae allows for you to have up to 10 financed properties. If you currently have less than 4 financed properties including your primary residence and second home(s) then you can put 20% down. Once you exceed 4 financed properties you will then have to put 25% down up to 10 total financed properties. If you own properties that are free and clear then they are not included in the total. Example, I recently financed a client who owned 12 properties free and clear and had 7 properties financed. We were able to loan on three more for him. If you have more questions or would like a quote please feel free to contact me at 210-257-0642.
Couple of starter ideas. Have you been to a Roddy Roundup?? http://roddy.com/ Go take a look on line. They are free at the Addison Civic Center. Next one is Feb 2. Wonderful platform for investor research and to meet and greet with agents, other investors, lenders, both "hard money" and standard mortgage lenders.
Also, have you considered seller financing in that price range...wrap arounds etc.
Sterling is a good "hard" lender.
Best of luck. Let me know if I can help you in any way at all. Maybe I'll see you at the Roundup.
Helen Karuba AFR, ABR
Virginia Cook Realtors
Ron Perry, CRS
RE/MAX Town & Country