can any one tell me of a hard money lender in columbia sc one that requires no credit check.
thanks
Hi Sheryl
I don’t think you’ll find one! Hard Money Lenders will always want to see “someone’s” credit. Their lending is based more on the deal than the credit but they want to see that you are able to refinance the property if you need to.
Unless you have a buyer lined up, you are not going to want to pay HM rates each month the property is sitting around and you are going to need decent credit to refinance, that’s why they will want to see credit. It’s all about your exit strategy.
No credit? Get a partner who does!
thanks for the info applied321 what if i have a partner what credit score do the hml normally look for.
it is not that my credit is bad i just need to get out of this position that i am in right now the deal is great i just need to get some money from it.
The house is worth 70,000 and my loan on it is 17,500 with a monthly payment of 176 so any hml would not lose on this deal.
The property is occupied? 680 is the required credit score.
this is a strain my credit is far less that 680 and my partner is a little less than 680.
the property is not yet occupied.
do you know of anyone that lend without credit score why i’m asking is because we did a deal without credit check before but the lenders is not in this state and does not lend in this state.
Sheryl - you may find it diffcult to get HML interested in such low numbers. What I have found here is that most set a minimum that they would lend. I believe you can still make it work, but it may take some convincing. Good luck!
Good Afternoon. I’m an up and coming investor looking to do residential properties only and I’m currently searching for a lender in the DC,MD and VA area that does no credit check and no collateral loans. Sheryl are you aware of any Hard Money Lenders for Residential in those areas? I’m in a similar situation because I have no Equifax credit or score right now and my credit scores for Experian and Transunion are not 680 yet.
Your best bet is to try to find a private lender. Search this forum for a thread that explains it or do a google search for Alan Cowgill. He has a great program that has worked well for my deals.
i think u should consult with any quick personal loan company . there u can get better suggestion. i hope u ll solve your problem soon.
GOOD MOURNING EVERYONE. YOU CAN NORMALY FIND HARD MONEY LENDERS IN YOUR LOCAL SUNDAY PAPER IN THE MONEY TO LEND SECTION.