Help. First deal opportunity and I am getting the Hard money Lender runaround.

I am just getting started as an investor. I have 680 credit score. I found bank reo that I am trying to make an offer on and I need a prequal letter. House was sold for 75k two years ago. Estimated approx rehab cost of 15k. Trying to offer 31,500 which realtor believes has good chance of being accepted if I can get prequal. Hard money lenders I have talked to so far I am having trouble getting to contact me. The one that did call me back said he wouldn’t help me because he was afraid I couldn’t refi due to a credit charge off of 5k on my credit from 5 yrs ago. It is wrongly showing as 15k on credit report. I can pay off this money which I plan to do, but I prefer to do so on my timeline. Any suggestions ??? I have approx 3 months of carrying costs in savings and no bills other than my rent. I can afford to pay some repair costs myself if needed to get ARV under 65%.

By the way, I live in Jacksonville Florida if it matters.


Wasn’t two years ago the height of the market? Doesn’t sound like there’s a lot money to be made in this deal. Also most banks would insist on the charge off being paid off before making the loan. HML’s might not want to touch it because of the small loan amount. If your credit is 680, can’t you float the whole amount on a few credit cards? Lots of them offer 0% intro or low intro rates good for a few months.

I have a hard money lender that would maybe take a look at your deal. Will PM you with the details…