Bill J Deligiannis,
Broker, Chicago, IL
Try Chase again - they are obliged to lend in all communities in which they have a presence, so that is effectively ALL of Chicagoland. Also, a small community bank should be able to provide you with funding.
Alan May,
Broker,
Evanston, IL
A small community bank, such as Bill refers to, is often looking for small "community" loans to make. A Bank (vs. a mortgage lender) is not held to the same rules, and can often make such a loan.
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Tue Aug 21, 2012
Daman,
Home Buyer,
Chicago, IL
That's an interesting point, I will look into that. But even if they wanted to, the question is how would they circumvent the predatory lending laws that Alan May (below) refers to?
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Fri Aug 10, 2012
Joanna Weiss,
Mortgage Broker or Lender, Chicago, IL
I am a Mortgage Banker at Standard Bank. We will lend on small loans. Let me know if I might be able to help you. 312-307-2787. NMLS #230092
Joseph Schiller,
Broker, Chicago, IL
go to the banks in the neighborhood and ask.. do your homework and get to work.
Daman,
Home Buyer,
Chicago, IL
Judging by your VIP status, I'm sure your other answers are better than this one. In this case, however, please note that you did not actually answer the question. I am in fact doing the work, posting the question on here was part of the work, and reading (and responding) to your condescending pep talk wastes precious seconds out of my work day. Now Joseph, get to work and do a better job while you're at it.
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Alan May,
Broker, Evanston, IL
The problem is not that they're not wiling to do a small loan, such as you describe, but because of Cook County's predatory lending laws, the fees involved in such a small loan exceed the numbers allowed, and cause the loan to become a "predatory loan".
They just can't be done.
They just can't be done.
Matt Laricy, E-Pro,
Broker, Near North Side, Chicago, IL
I have a lender that does do loans this small. I would be happy to pass along their information.
Philip Sencer,
Broker, Chicago, IL
My web site has a couple of lenders who in theory, could sdo it, but the excessive costs involved apparently do not make it worth while.
Ivan Sagel, ABR, SFR,
Broker, Chicago, IL
Daman,
I have been told by lenders that due to the new anti-predatory lending laws, loans that low are no longer possible. These laws set a maximum for the loan fees as a percentage of the loan value. The problem is that loan origination and apraisal costs don't go down just because the value of the property are lower.
Best of luck,
Ivan Sagel
I have been told by lenders that due to the new anti-predatory lending laws, loans that low are no longer possible. These laws set a maximum for the loan fees as a percentage of the loan value. The problem is that loan origination and apraisal costs don't go down just because the value of the property are lower.
Best of luck,
Ivan Sagel
Ursula Shine,
Agent, Chicago, IL
Try Wells Fargo. I know a few people that got financed with them below $40k.
Web Reference: http://Www.ursulashine.com
