First deal, bad credit and large opportunity

[Joshua Nicholas]

Hi everyone,

I'm looking to purchase my first MF deal and I was hoping the Bigger Pockets community could help me with some issues I'm facing. Brief intro, I'm 27 and I became a commercial real estate agent last year. 

I have poor credit (around a 550) due to some credit cards I allowed my parents to take out while I was in college that were defaulted on. Last year was my first year in real estate and I didn't make much in the way of commissions (lived off my savings) and as such, my tax return is going to be quite pitiful.

But recently I had a personal windfall where I made six figures, and I've raised $1.2mm in equity from some friends and family. In addition, I have a willing guarantor who owns $400mm+ in MF property.

The issue I'm worried about is that some mortgage brokers I've spoken with, and Michael Reinhard's book on commercial mortgages, say that I need to have 3 years of proven income (I changed jobs a bunch after college) as well as good credit (don't have) and previous ownership experience (don't have) in order to get a loan.

On the other hand, when I read things from some other sources like the BP forums, or from investors like Dave Lindahl, they state that with a strong guarantor a bank will still give me a loan to buy a property even if I have weak credit, insufficient net worth or lack of experience.

I'm looking at some deals and I would be looking to borrow 65-70% LTV, non-recourse and 10yr fixed and all of the deals I'm looking at have a 1.6+ DSCR.

Is there any chance I can get a loan with my problems due to the strength of my guarantor or is it futile and I should just get a new job, wait a few years until my credit is 700+ and then attempt to get started.

I'm more nervous than anything about spending countless hours underwriting a deal, spending money on due diligence and asking my guarantor to spend time applying for the loan, only to be embarrassed when I get turned down. I obviously don't want to ruin such a valuable relationship 

Any advice/help would be GREATLY appreciated.