Are there any HML that do No Income/No Assets loans? I know that most HMLs do not review credit and rely solely on equity. Is that all that they rely on?
Most HMLs want you to have reserves in your bank account so they can be sure you can fund the repairs upfront (even if they are being reimbursed through draws)
ALL the HMLs I have found DO pull credit.
Other than that, yes, the do look at the deal. They want 65% ARV normally and they want an inspection / comps to be sure your numbers jive.
The hard money market has changed over the last several weeks. This falls right in place with what has been happening with the subprime and conventional markets.
Many of the lenders have increased their credit score requirements and are now wanting a little more investment into the deal from their clients.
Some still do know credit checks while others do have no doc programs.
What area are you looking to invest in?