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.
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…
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.