Asset-Based/DSCR Lending For New Investors

[Joel Rosa]

Hello,

I am an aspiring investor looking to acquire my first rental property. I am hoping to find reputable lenders who lend based on the asset, not the borrower. I do not have any credit which is something I know many debt service lenders require, but I was hoping it would be possible to get a loan for an investment property that would not be based on my income or credit. I have down payment money available, and if needed I can bring in a credit partner, but I would really love to try to do my first deal on my own. If anyone has any knowledge or experience regarding my situation, any insight would be extremely appreciated. Thanks.

[Caroline Gerardo]

No credit no income taxes no cash is not a track to get a debt service ratio loan. Let's start building your credit. Where do you bank? Get a credit card for $200 and pay on time, not a debit card. How much do you have in a checking account?

Hard money is going to want a sizeable done payment maybe 40% and is high rate, high cost and short term. Generally hard money doesn't show on your credit so it won't help you establish a FICO.