Hi everyone!
More and more HML (hard money lenders) are looking at your credit score. However, if you can get a deal with a very low Loan to value ratio you may be able to negotiate with the HML.
YOu'll find a link to investment clubs in your area on my blog unde REI Clubs.
Private investment money is also a great alternative. You can create a simple packet to present to prospective private lenders on my site under "rehabbing".
Private lending is really the best way to go as it affords you flexibility in terms, great interest rates, and sometimes no monthly payments while you fix up a property and get it ready for sale. Many times you can actually get more private money than with hard money loans.
Private money affords you with privacy (since you're not doing full docs like other loans) as well as a quicker turn around so you can get your deals done fast.
According to managing director of Managed Mortgage Investments Don Konipol, here are what the private lenders are looking at when they think of investing:
1) Type of property
2) Exit strategy
3) Yield, cash flow, income
4) loan to value ratio
Hope it helps.
Dennis
More and more HML (hard money lenders) are looking at your credit score. However, if you can get a deal with a very low Loan to value ratio you may be able to negotiate with the HML.
YOu'll find a link to investment clubs in your area on my blog unde REI Clubs.
Private investment money is also a great alternative. You can create a simple packet to present to prospective private lenders on my site under "rehabbing".
Private lending is really the best way to go as it affords you flexibility in terms, great interest rates, and sometimes no monthly payments while you fix up a property and get it ready for sale. Many times you can actually get more private money than with hard money loans.
Private money affords you with privacy (since you're not doing full docs like other loans) as well as a quicker turn around so you can get your deals done fast.
According to managing director of Managed Mortgage Investments Don Konipol, here are what the private lenders are looking at when they think of investing:
1) Type of property
2) Exit strategy
3) Yield, cash flow, income
4) loan to value ratio
Hope it helps.
Dennis
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