Can anyone give me some legitimate information on how to get a line of credit to do rehab’s and new construction with poor credit score. I own the properties (several) but I can’t go to a commercial bank they turn you down if your credit is poor. Even with property as collateral they are asking for a partner to gty. I really don’t want any partners, that’s why I’m in the poor credit shape I’m in now! anyone with any useful info would be greatly appreciated. I’m located in South Jersey with properties located all around Philadelphia, PA both residential and commercial. Thanks

Have you tried places like American General Finance, Wells Fargo, Fair Finance?

Hello, Thanks for responding. No I have’nt, but I assumed they would not be too eager to lend either if your score is 540 fico. I’m in a really poor credit position right now.


If all else fails…I know some boys in S. Jersey. The rate is horrible and if you do not pay on time they rearrange the furniture in your house. :brow2:


On a more serious note, you might need to find a partner, if all else fails.


Never heard it put that way, but you earned a chuckle here in Naperville, IL. Nothing brings about a laugh like the threat of violent reparations.


If you cant get credit lines, there is always hard money lenters or priv thethate lenders. If you have family, freinds, talk to them about getting a better percentage on their cds. say 10 percent. With private lendeers you can determine what to pay them on your terms wheras with hml, you need to pay up front usually 2% and up to 13%. Wtihm hml, they are more concerend about the the price of the house arv and lend accordingly. If you fail to pay them back on time, they get to take the house.
Hope this helps you

Are you still needing help with credit problems??

I might. Do you have investment property loans?


JnWalla18 - Is your situation squared? You can send me a PM if not.