Lenders who approve small loans
I own a one bedroom condo in Fort Myers Florida. The unit is fully paid and is earning rental income. My partner wants to sell her half for $50k which is a good deal given the market value of the property. I plan to convert the units into a furnished short term rental. I cater to traveling nurses and I have made good money from this niche. I look to finance the $50k. I can raise the cash by selling stocks but I prefer to finance and let my stock portfolio grow. Are there lenders who are willing to work with such a small loan in my location? by thomasj635 from Fort Myers, Florida. Dec 20th 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Due to goofy government rules, non-bank lenders have a tough time with small mortgage loans. That amount will vary based on the lender, but many won't lend under $100,000. Our limit is $60,000. With that said, any depository lender (bank or credit union) will usually be able to assist you with small mortgage loans. Talk to a local mortgage broker in your area. I lend in MN WI IA ND SD. I can be found at JoeMetzler.com - Cambria Mortgage, NMLS 274132
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