Buy and hold - Hard money

[Jayagowri Deenadayalan]

Hi So here is the story. During the beginning of this year I bought 4 properties from January to April. Me and my husband have great credit scores and I got conventional financing for 4 properties. All are rented and cash flowing. I live in PA and partnered with my friend who is in NJ for my next deal. We found a private investor who loaned us money. We put 2 properties under contract which are both in NJ. One for 200k and other for 70k. We have at hand only 240k. I came up with this great idea of finding HML for the 200k property as they don't loan anything under 100k. The HML ran both mine and my partner's credit and mine showed 775 and my partner's was 800. He declined the loan if I was in the deal because the 4 properties I bought does not show up in the credit report. He is offering the loan to my partner and says contract should only be under his name and so is the deed. Now my partner is worried if we buy even one property which we clearly have the money for we won't be able to refinance because the HM lender told him that once my 4 properties show up in my credit report my credit will go down 100 points. How do I convince my partner? Have anyone come across this situation? Have your credit affected adversely? I really want to buy this multi family as it has great potential. Please advice. Thanks Gowri