Financing for Lower-Priced Properties Needed

I have been researching REO's to buy as rental properties in Virginia and Maryland for several months now, and now I'm ready and mostly able to pull the trigger on five at once.

My problem now is that private lenders usually want the prices higher than $100,000 per property. I can get each property at between $25,000 and $75,000 (some on the same street oddly, but I also have another dozen to choose from), which are all between 45-55% LTV. The total for outlay for 5 purchases, closing costs, and rehab for rental condition would be under $300k. At this sum the payments would be about $2,500, and the rental revenue $4,000. Minus costs it will clear about $100 a property until refinance.

These have rental histories, are in decent condition, and I have refinance in six months set up already. The exit strategy is either a rent-to-own tenant or retail sale in three years. I thought the combined purchases would be more attractive for an investor, but I am having trouble finding a lending source because each property loan amount is below their limit.

Does anyone know of a private lender that would finance properties at price levels between $25,000 and $100,000? I did the research the forum and didn't find an answer.

Thank you for the help.

Eugene O'Brien
Freehold Affiliates LLC