Good credit no money what can I do

my problem is that I can’t figure out who to go through for financing (banks/lenders) And also what to say when inquiring about the loan. Is it possible to get preapprove for a loan as a investor. Can anyone help me understand the process of obtaining a loan from a to z? Now I have good credit and no money of course also have access to some good deals but no money!

in general, commercial loan are underwritten based on the merits of the property, not the borrower, so its very hard to get “preapproved” for blanket situations.

However, if you’re financials are in good shape (credit, liquidity, etc.) you can probably develop a relationship with a few commercial lenders such that they will allow you to borrow up to a certain amount of money on certain projects. If you ahve experience with apartments, they may allow you to go up to $1mil to purchase an apartment building, pending all other underwriting is complete and clean.

There are also a few stated commercial shops who are not going to look so closely at personal financials. they will look only at the property,a nd check to make sure you have no BK’s or judgements on your credit. In that case, there are no preapprovals. You have to bring the property info to the table and then they’ll approve or deny.

Start with the local banks and move out from there.


You can get started easily as a birddog. Meaning you go out and locate the properties then sell that information to an investor or a wholesaler for a small fee. Once you have done this a few times you should have a nice bankroll. Then you can start doing deals yourself. If your credit is above a 680 you can qualify for no ratio investment loans up to 90%. So you use hard money to buy the property and rehab it, then refinance using the conventional loan I just described. If you have good credit then all you really need is to save up about six months of reserves and you will be good to go. Hope this helps.

If I use a hard money lender for a rehab will I be required to put a down payment, if so how much?


Will a hard money lender require a certain credit score?

Thanks in advance

Some do, some don’t. With a downturn in the market and a credit crunch this is becoming more common.

Some do. Also, the ones that do sometimes require different scores for different loan products. I was just looking at a lenders sheet the other day and the scores varied widely based on what you were looking for.

What kind of fee would a birddog charge for a property that is selling for $850K but is worth $1mil because of proximity to the beach in Hawaii? Thanks.


:cool I know of a place that may be able to help

THE big thing is they do not do any financing above 65 % this would be with closing costs ! SO what ever you would be buying you would have to be doing so at about 60 % of its apprasial AS well will do commercial loans if you have a fico of at least 575 up to 90 % of apprasial :beer