Hey does anyone know where i could get an asset based loan for properties in the nyc area with a credit score between 644-660? I do not have a verifiable income and my only asset is my car. Any suggestions?
Hi,
There are probable a lot of companies that would make funds available with a 640 to 660 fico score.
The tough part is these companies will only loan 60 to 65% maybe some will loan 70% of FMV or maybe 75 to 80% of your purchase price.
The problem is either way right now most companies want you to have some skin in the game, so they want you to have 15, 20 or 25% down or they want you in the purchase for some amount and them funding any cost’s of additional repairs as a draw.
It is very dificult to get any company to 100% finance anything for you in todays economy. The risk is just to great.
Four years or so ago if you were a real experienced investor and doing a lot of properties every year, I had some lenders who would loan me money on a deal with no money in it, but that was based on how much business you did with your lender and how well they got paid.
Good luck to you.
GR
Some areas do have lower LTV’s, in Memphis we only go up to 50% ARV, you may want to ask whichever lender you use how high they are willing to go in Memphis if this is where your deals are. Try finding a local guy that knows memphis inside out may be a better way for you to go (even if not easy).