I am about to (hopefully) negotiate a short sale on an $830k house and expect the payoff to be no more than about $615k (74% LTV). This LTV is a bit high for most hard money lenders, and I am certainly not about to obligate myself to another loan. Therefore, I am looking for a lender or private investor who will lend me the money for a small rehab and does not use my personal credit. Unfortunately, I have no private investors lined up (though I am trying).
Therefore, I need a private lender or institution who will loan me the money as a non-recourse debt. If anyone knows where I could find such a person/institution, please let me know.
Non-recourse options are traditionally reserved for commercial purchases—you will find it to be a challenge to find an equivalent in the 1-4 unit lending niche…
Regards,
Scott Miller
Even hard/private money lenders want to view your credit especially these days. Just because its hard money doesn’t mean its dumb money.