HML or Private lender

Do anybody know of a HML or private lender that will loan based on the property and not your credit in indianapolis, IN.

There are several that will do short term loans assuming that your exit strategy will be to sell quickly.

These work best for properties that need rehabbed or are being purchased below market value.

They do 70% arv which covers costs, payments, fix up, and purchase.

Is this the type of loan you needed?

Yes, but will they loan based on the property and not my credit? I have a friend that have bad credit, but the HML lender he uses loans him money based on the property not his credit.

That is typically the point of hard money loans. As long as you’re above 500 (and sometimes they’ll lend below 500) then you can get financing.

Does anyone know of a hard money lender in Indiana that does not look at credit history at all? For a situation when somebody does not have any credit history, but good work history and experience in construction…
Thank you.


Having NO credit history can be just as good as having established history. As long as there is good stability, you should not have a problem.


What’s the difference between a hard money lender and a private lender?

Do you have to come up with any kind of downpayment up front or can you pay the lender back once you have sold the property after the rehab?

What is the average interest rate that HML’s or private lenders charge on projects where I just want to rehab a property that I already own to get it ready to sell?

Any prepayment penalties?

Is credit score a determining factor?