Anyone know a company that will do a mortgage for less than $100k?
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[{"id": "iqi2pp1", "text": "A personal mortgage for a residence or a commercial loan in a state where all real estate security is called a mortgage?", "replies": [{"id": "iqiev6m", "text": "What do you call it? Loan? Note? Debt?", "replies": [{"id": "iqiicxk", "text": "Commercial loan secured by a deed of trust.\nCommercial real estate mortgage\nCommercial note\nSecured commercial real estate facility \n\nPretty much anything but \"mortgage\" to make it clear (and you'll be signing a statement to this effect) that this is a business obligation and not covered by the consumer protection laws, regulations, and exclusions provided to an individual's residence", "replies": [{"id": "iqk1shn", "text": "If it has a first lien on the property it\u2019s a mortgage. There are numerous types of sub debt.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "iqiykbl", "text": "The building is not residential.", "replies": [], "depth": 2}], "depth": 1}, {"id": "iqi2x0s", "text": "Local credit unions will generally do smaller loans. I'd try one of those. You can sometimes encourage lenders to do small loans by moving your banking over to them as there's more revenue in it for them if they get some cash management business out of it.", "replies": [{"id": "iqi2y4u", "text": "\u201cCourage is not simply one of the virtues, but the form of every virtue at the testing point.\u201d", "replies": [{"id": "iqi36gh", "text": "Uh... Thanks?", "replies": [{"id": "iqidlpv", "text": "That's a bot account. Look at the post history.", "replies": [{"id": "iqie0pv", "text": "Man, I hate robots. Even more than most people hate robots. Which is a lot as I understand it.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "iqi3v54", "text": "Do you have a broker or are you doing this yourself?", "replies": [{"id": "iqindze", "text": "Better off doing it himself, a broker will tag on a ton of fees and points for a loan that small", "replies": [], "depth": 2}], "depth": 1}, {"id": "iqid2l1", "text": "Local credit union.", "replies": [], "depth": 1}, {"id": "iqif7vx", "text": "Apex Mortgage out of PA does loans that small.", "replies": [], "depth": 1}, {"id": "iqilv2q", "text": "What kind of loan are you looking for?", "replies": [{"id": "iqiyhjq", "text": "Like the amount?", "replies": [{"id": "iqize6v", "text": "Tenor, amortization, repayment terms, use of funds, recourse or non, and where?", "replies": [{"id": "iqj06ei", "text": "NY, terms 10-15 years, the longer the better. Use of funds is to buy the building.", "replies": [{"id": "iqj2yag", "text": "The building that you will occupy in some way or lease out? \n\nThe building is in good condition and needs no renovation or repairs for your intended use?\n\nYou will personally guarantee the loan?\n\nYour income is sufficient to service the proposed debt without any reliance on the property's cash flow?\n\n\"This is too small\" is something you hear from big banks and brokers. Not typically local lenders or credit unions unless it's actually one of the above issues.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "iqiz2j3", "text": "I have come across this issue in the past. Is it an investment property or will you be operating a business out of it? I am in Caifornia. cdcloans is the group I use for small business loans of $25k plus. They are here in CA and I do not know if they loan out of the state of California.\n\nOther options - hard money loan, if you own a home, get a HELOC. Try and find a private investor who lends their own money  (expensive option).", "replies": [{"id": "iqj02k9", "text": "I operate a business out of it", "replies": [{"id": "iqj0oll", "text": "Again, I am not sure what state this property is in....but if you want to reach out to my contact you can.\n\nI will send you a DM with their info...", "replies": [{"id": "iqjkct8", "text": "Thanks", "replies": [], "depth": 4}], "depth": 3}, {"id": "iqjjcst", "text": "can you get an SBA Loan?", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "iqj598w", "text": "Where in NY? Local banks are the best. Depending on Town / County, can recommend a few local lenders.", "replies": [], "depth": 1}, {"id": "iqjbbom", "text": "I\u2019ve used SOFI in the past for deals like this \u2026.", "replies": [], "depth": 1}, {"id": "iqjcu31", "text": "I\u2019ve done this through smaller local banks\n\nBut they are usually 5 year terms with 15 year amortization", "replies": [], "depth": 1}, {"id": "iqkap3s", "text": "Credit card?", "replies": [], "depth": 1}, {"id": "iqkb9wg", "text": "What can you buy for $100k OP? I\u2019m curious to know what this building is like.", "replies": [], "depth": 1}]