I am wondering if it is REALLY possible to obtain a hard money loan for a rehab, considering the following:
mid score of 630
BK7 discharged for 2.5 years
a FEW lates since BK
do not own a home (rent)
no money down
at job less than a year
Now, let’s assume that the deal is a good one. I just want to know how impossible this will be, realistically, once we decide to finally jump in.
No reason it’s not possible. Hard money lenders are looking at the deal more than you. That’s why the interest rates are so high. You need a deal, call one up and find out.
Tom is right. With HML’s it is more about the deal than it is you. They look at if something were to go wrong would they be able to get their return on investment.
There is a list of HML’s on this site. Call and speak with a few.
http://www.reiclub.com/hard-money-lenders.php
Good Luck!
As a HML I would view you as a good risk (if I based my decision solely on what you wrote above).
More important is the asset (the property your borrowing against) and your exit strategy.
Yes, but some of them will require vested interest into project.
The Hard Money lenders I talked to from that list will not loan to me, and my credit is pretty good. I have been at my job for about half a year, never been through any bankruptcy or unable to payback anyone etc.
They all ask how long have you been doing this? When they hear that this would be my first deal, and I have no assets, and only 21 years old, they close the door. Can anyone give me some insight?
Oh, also they say no because I am a Canadian residence, and want to invest in a property in Ohio. Also can someone give me an example of an exit strategy?