Has anyone seen no fico requirement for funding?

[Susan V.]

This request will probably invite bogus info, but if we don't ask for what we want, we won't get.  

If anyone has experienced a successful closing with a private lender or hard money lender, please let me know.  Funds are to complete rehab and for debt payoff so I can increase my credit scores and get better financing to pay off the upcoming balloons in December and January.  Properties worth $200k.  We can do for now with $25k - $50k to get contractors paid and complete other units to bring in additional income -- without income since November 2022.  We need to get things moving now.  Fico is <500.  Maybe $80k in all properties combined.  Any ideas or suggestions?

[Chris Seveney]

@Susan Vanderburgh

You will not see a lender who doesn’t pull fico but I have seen asset based loans to people with bad credit

The caveat to that is the property needs to have significant equity and they typically must have other assets as it will be recourse debt.

If it’s for rehab having rehab experience would be helpful- no rehab experience would be more challenging

Just expect the rate to be very high. Feel free to send us the info and we can give you an idea of some people who may look at it