Is it possible to find a hard money lender to loan a million dollars on a 77 unit property without having a perfect credit score? Do they care more about the DSCR? The building price is 1.1 million and is in cleveland, ohio. Where can I find a hard money lender in Ohio that doesnt care about credit and care more about the debt coverage.
I just used a HML to purchase a 35 unit in Cleveland. They did a background and credit check AND they put a lien against another 35 unit bld I own outright. When you’re asking for that much money up front they will require securities…unless your bld is performing. If any level of rehab is needed or if there is more than an 90% vacancy rate a HML, or any lender for that matter, will require securities of some sort.
You might be better off looking for a JVP.
GooD LucK! :beer
Foreclosure,
I have a few people to ask but are there actual companies in the ohio that would JV on a deal if it was right?
Of course…shoot, if the deal was right I would even JV it personally.
GooD LucK! :beer
Foreclosure,
That is great. I am working with a broker right now that can get me into properties very creatively. Ill shoot you over a pm. You just made my day.
Foreclosure,
I have found a great deal. Please get back to me and let me explain what I can do for us.
check your pm’s
It’s possible to get 85% CLTV, if seller is willing to carry second of 20%
Most Hard money lenders don’t care about your credit but the ability to make payments. 400 fico is accepted