Credit Issues

:cry: Please clear up an apparent misconception on my part. I was under the impression that HML loaned $$$ based on the ARV of the property and not my personal value. That is why I chose that route, but I am finding out that LOTS of them require your SS# to check your personal credit hx before they will approve your app. Are they any HMLs that lend based SOLELY on property value? ???

Most HML’S go off the purchase price, 65-70%ltv. Rehab Lenders lend on the arv and are not usually hard money lenders so they do definately look at you’re fico and in fact most require at least a 620 fico with a few working with fico’s in the high 500’s. There is a lender on the east coast though that is supposedly a true hard money rehab lender. There’s also a few in california.

Thank you, zachj, for the info. Tell me does this “true” HML Rehab Lender really exist or is he just a legend? :o

When you find that true HML please let me know too. I am from New Orleans and haven’t worked for a year. The hurricane not only ruined my properties and destroyed everything I own but has had a huge impact on my income and credit. I’ve been living off of my savings for the last year and just put the last 30K of my money into one of my rental units to get it operating. Really need a true HML to flip some properties so I can get my properties up and operational again.



please zachj tell we all would like to know how and were to get hold of these true hard loan rehab people as they would not be at a loss for loan apps

so if you would could you please tell how to get hold of them as many of us need them some as stated to get back on there feet in realestate and some to just get there feet in realestate