Author Topic: Prosper/Lending Tree for Micro Mortgage  (Read 472 times)

NJAbroad

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Prosper/Lending Tree for Micro Mortgage
« on: July 15, 2015, 01:12:02 PM »
Hello all.  First time poster although not my first time on the board.  I am in the military and am a few years from retirement eligibility.  Being in the military we move a lot and have had a lot of success renting and selling our primary residence for profit over the years.  I have been looking at buying lower priced rental property and found that banks cannot loan below $50K.  I had an idea as a form of creative financing using Lending Tree or Prosper to fund a purchase.  I looked at their website and they do loans up to $35K for 5 years w/ an average rate of 7.3%.  Do you guys think that if I found the right property it would be worth forgoing some of the cash flow for a property that would be paid off in 5 years?  I've ran the numbers on a few condo's, and they barely cash flow with the high interest rate and HOA fees in the hundreds but there was still meat left on the bone.  Thanks in advance.

v/r
NJ