any hardmoney/hard equity lenders out there that will do a purchase 60-70% of ARV for someone w/ poor credit. I have 2 clients that are looking to purchase and the lender that I used to place these deals w/ went out of business.
Both borrowers are self employed and have sub 500 scores. Deals are in SC and will be rehab deals. Both loan amounts at 65% LTV of ARV will be 97,500.00.
any takers…thanks!
What’s employment, income, and assets look like?
Why is their credit below 500? Recent defaults? BK? Liens?
Depending on what part of NC the properties are located, there is a no income/asset/employment/FICO based rehab HML that will fund up to 65 ARV—I’ll send you a PM with further details…
Regards,
Scott Miller
that would be great if you could provide that info. email me or pm me on here.
It’s on its way…
Is it possible for me to recieve this information also?
You bet…
Regards,
Scott Miller
Thank You
Something for those purchasing/rehabbing with hard money to remember: there will be a need to pay that loan off in typically a year or less. For long-term financing, any decent loan program will be based on things like credit, income, cashflow, etc. If you are selling, it’s not important; if you are holding or have trouble selling, you really need to consider the availability of permanent financing.