Where would I find hard money lenders who do not require a credit check?
Post altered due to rule violation
Have you tried calling some of the lenders in the Hard Money Lenders category under Investor Resources?
I have called a couple of HML and all of them told me you will need a 620 score,have you found any HMLyet?
What state ear you looking in?
As a HML lender and broker in Pac NW (WA, OR, ID) I have placed a number of loans where our lender has no credit concerns and is interested only in value of property and borrower’s equity in it.
One such loan I recall was for an older single woman with weak income who wanted to fix and then sell her older wooden SFR in a fairly poor part of town.
She wouldn’t have qualified anywhere else because of her weak income and mediocre FICO but these guys took a look at the equity and said “Sure, let’s do it”…and did so.
Blogger,
So you have a line on a good HML for the nw states?
Im needing one for Oregon.
Please let me know more
Thanks
myrealty.com needs hard money for Real Estate investor clients for deeply discounted properties in Florida.
htjohnson,
I think that generally all hard money lenders, will require a credit check, in order to ascertain the basics of current debt load and servicing requirements, but there are many options available to a borrower that has a credit score below 620.
An equity based, hard money source will look at the equity position and the asset first. They will want an explanation of why the credit history is poor, if the explanation is reasonable and an exit strategy exists, there should be no problem.
In a recent example we have facilitated financing of $1,500,000+ for our client with FICO scores in the low 500s, the asset and the exit strategy made sense to the partners.
Regards,
Daniel Agakian
I am a new investor who is trying to aquire two SFR properties in Indianapolis to rehab and sell. The investor that I am getting these houses from has alot more of these houses to get rid of and they are going very fast. i don’t want to miss this oppotunity on these two houses. I was wondering how I can go about getting the houses under contract with no money and very poor credit. Here is a little more info on the houses. The first one: 759 West 25th Street, Indianapolis, IN 46208 Asking $12,500 ARV per Zillow.com (take it or leave it) - $93,500 Last sold 9/07 for $14,400Single family home in the heart of downtown Indy. 3 bedrooms, 1 bathroom, and 2184 total sq ft. 1456 Finished sq ft, a full basement, and aluminum siding. Lot is 30 x 130. It has had some rehab and just needs finishing up. Several rehabbed homes surrounding this home.
The second house: 970 N. LaSalle St., Indianapolis, IN 46201Asking $13,000 ARV per Zillow.com (take it or leave it) - $152,000 Very large single family home. This has a total of 3468 sq ft. It has hardwood floors, nice woodwork, 4 bedrooms, 2 bathrooms, and a brick porch. It sits next to a furniture store. The lot is 40 X 80.
My friend is offering both houses to me for $23,500 with the estimated repairs at about $5,00-$10,000 per house. The closing costs for both houses total $1,500. I have been having such a hard time trying to HML’s for these two properties and I need a HML for about $45,000 to cover the purchase, closing costs, and rehab of both properties so that I can re-sell them. What is the best way to go about geting this good of a deal before before someone else gets it? I would like to do it without money out of my pocket as other investers claim to be doing but for some reason it is hard for me to find an HML for me when I live in IL to purchase these two houses in IN let alone with my low FICO score and no upfront cash. HELP!! :banghead