How do you find a hard money lender that really doesn’t look at your credit score.?

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I have a 577 and need to borrow 65% LTV on 240k ARV on a property selling at 100,000. Help

  1. Reply
    July 17, 2011 at 8:52 pm

    ooooh. Watch your knee caps if you can’t meet your payments.

  2. Reply
    July 17, 2011 at 9:16 pm

    There is no lender that will not look at your credit. I have been in the mortgage industry for over 15 years. They all look at your score. Especially a hard money lender. They are strictly concerned about Credit Score, LTV, and mortgage history.

  3. Reply
    July 17, 2011 at 9:55 pm

    Before you look at hard money lenders. Look into a FHA mortgage. they are not score driven, you will also be able to write a letter of explanation for any late pays, and you can use alternative trades such as phone bills, car insurance, doctor bills etc. this will be worth your time. Any FHA mortgage company should be able to help you. This is a low CLTV and yes a hard money lender will buy this depending on appraisal send me a email with your city and state and I can give you a few options to look into. Hope this helps!

  4. Reply
    July 17, 2011 at 10:22 pm

    So as I can get this straight in my head the property is valued at around $ 240K, but you are purchasing the property for $ 100K, so you are looking for a $ 65,000 loan, and you are providing a down payment of $ 35,000.

    Are you speaking of getting a loan for 65% or $ 240 which would be $ 156,000?

    Either scenarios might be possible but the loan will be for a short period say 12 months with a possible 6 month rollover, you are speaking of interest rate of around 10-12%. You might be able to negotiate paying the first 6 months in advance.

    Now grab your telephone book or local newspaper. Look for hard money/investor lender in your newspaper, and mortgage broker in the telephone book.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

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