i have a friend that is looking for hard money

a friend of mine just lost his mom. he was deeded her home which has no mortgage. he is looking for a credit line or “something” the problem is he has not such great credit. is there anybody that can help here on the hard money end so he can clean up his mess?
thank you

Probably 75%.

Need additional data though.

Will send an email with questions.

What does he need the money for? Perhaps he can get a home equity line of credit. It’ll be secured by the house. He can take out like 50% of the homes equity and start to build up his good credit. It took me about 2 - 3 yrs. of on time payments to go from a FICO of 585 to 700. Best of luck.


he needs to money to pay his bills. he is currentlly on disability
thank you
if he was to do a credit line, even with it being secured by the property, don’t the banks still look at the fico???

If he can’t pay his bills, he won’t be able to pay a mortgage in addition to his bills.

I think his best option is to sell the house, pay off all he owes, and move to a cheaper location and buy a tiny condo or tiny cottage.

If his income is disability, he can live anywhere in the USA. If he owns a very small cheap place, then he has someplace to live and his disability to pay for his electric and food.

If he takes out a mortgage on the house and can’t make the payments, he is going to lose it, anyway. Better to sell it and get the money that is in it instead of giving most of his equity to the bank in a foreclosure.

Hard money is expensive and is meant for short term until you can refi into a better deal. I don’t know your friend/s situation but he has to mangage his finances so this doesn’t keep happening. Perhaps he can get into RE investing and hire people to take care of things. If he used a hard money loan for purchase & rehab, then rent it out,he might be able to get something started.