Credit is one of the factors that we consider when we consider a residential, commercial, fix and flip, or probate hard money loan. Past credit problems and even current credit marks will not deter us from lending. We lend to borrowers who have poor and bad credit. Further, if you have ever filed for bankruptcy or experienced a foreclosure, we are your best choice for real estate financing. The one exception is if you are currently in bankruptcy. Under the law, we are prevented from lending money to borrowers who are in bankruptcy. In this case, we only require that the bankruptcy be dismissed from the court and then we can make the loan.
We fill the void for borrowers who find themselves needing real estate financing but can’t find a company to help them. We provide financing to borrowers that big banks and large institutional lenders turn down on a daily basis.
We base our hard money loans primarily on the equity in the property. Credit issues do not prevent loan approval but better credit can result in a better interest rate. When we extend credit, we always aim to give our borrowers the best interest rates and terms based on their unique credit circumstances.
The more equity that you have in your property, the more leeway we have in approving a hard money loan. We perform a calculation of the value of your property and lend up 65% LTV (Loan to Value) of the current market value.
We are required by law to access a credit report for every hard money loan we issue. While credit is not a major consideration in our lending decisions, overall outstanding debt needs to be known when we calculate income worthiness.
We can also run your FICO score for you at no charge. We’ll review it with you along with your credit history over the phone or in person at our office and provide you with an interest rate quote based on your credit.
If you have been mistreated by the big banks or large institutional lenders you will be very surprised by the extent at which we go to make you the hard money loan you need. Give us a call at (888) 797-7970 or complete our Short & Simple Application. We’re here when you need us most!