What’s up everyone, I am a new investor looking to get finances for my deals.
I know I will not qualify for a conventional or regular mortgage so I am looking
to connect with a hard or private lender who don’t care about my:
income
bank account
or credit
The only callateral or security would be the property I’m purchasing.
Thanks.
The things you list are all the things that will definitely scare people off in the current market (and should have scared lenders back in the “free money” days of the past few years). Finding someone who will deal with you having financial problems and trying to borrow on properties will be very difficult in the current market. The only positive thing you might be able to offer now would be to purchase properties at a huge discount, but that’s little security since there are tons of houses sitting on the market for long periods of time.
Not everyone can/should get into REI. Take drastic steps to clean up your issues. Time and prompt payments will heal your personal credit problems. If you’re serious enough about this, you’ll make the necessary sacrifices to make it happen.
Private Money or Credit/Funding Partners is what you need. I had a highend flip sit for 18 months, go down 40% in value and I had to short sell so I am in the same boat. Hard Money lenders will require a credit partner to be on the loan. Private money lenders will not care about your credit, they will be ecstatic to make 10-20% on their money. The key is to find deals around 50-70% LTV and they cashflow that way you have backup plans, multiple exit strategies and your private investors will agree that their is very little risk. I recommend contacting everyone you know to offer them your incredible opportunities. Just make sure you have killer deals.