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I wanted to see if anyone thought there was a market for small starting at 25k first mortgages on investment and commercial real estate. Currently is someone owns something and wants to borrow less then 150k or so they are very limited choices and do an MCA deal. This product is set up as a mortgage with a monthly payment and the cost is much lower an a MCA loan.
Looking for thoughts if you think there is a market as well as how can we best market this product
In my opinion it's not worth it, put a 100k minimum loan amount, then you scale up. If you truly want to help that individual out, lead them to a local that will give them a HELOC [Home equity line of credit]. For example in Florida they are not offering that at the moment, so they would need to go to plan B. Any files you have needing help over 100k loan amount drop me an email.
Richard, both Chase and Wells Fargo, and actually most banks, stopped offering HELOCs for now....
https://www.nasdaq.com/articles/jpmo...tainty-2020-04
https://www.pymnts.com/loans/2020/we...es-new-helocs/
Some community banks are still offering them.