HELP! very bad situation....

I got majorly ripped off a few years ago, which put me in bankruptcy. I’m currently trying to sell everything off and start over, but, my FICO is still below 500, and will remain that way for some time. (It’s like a 489 or higher, but still under 500). I’ve found another investment I want, slightly bigger, $2.7 million apartment building. I have no money to put down, is there ANY way to get a 100% loan on a building that has a proven income of $300,000 a year($150,000 profit)?


Do you have any property with strong equity? You can pull cash out, or put liens against them and use it toward a downpayment.

Also, what is the property worth “as is”? If you are going in with a good amount of equity, this could help you get what you need. With you credit, it will mean high rates.


It will be hard to get cash out on any property with a 489 fico (or impossible). Commercial financing, which is what you would be looking at with the apartment building, goes to 90% max, and that is usually for smaller $$$ projects. Your best bet, in my opinion would be hard money or seller financing, but the debt service on hard money would be astronomical.

try seller financing!