Seeking Hard Money Lender - Refi 2nd Property

[Lincoln Kai]

I have a 2nd investment single family home (3 beds, 2 bath) that I built new approximately 5 year ago in Idaho.  I currently owe 120k on the home and it's worth approximately 220k.  I am coming up about 40k short on a pending non-real estate business project.  I need a loan for about 160k, which would pay off my existing loan and provide me the cash that I need.  My credit score was mid 700's only a few months ago, but now it's at 600, because I tend to carry high balances on my credit cards/credit lines and credit inquiries.  I do not have any history of late payments.  All payments are made on-time. 

Does anyone have any recommendations on a reputable and prompt hard money lender that offers hassle-free, no income verification, no doc, no upfront appraisal fees, etc...?  Any assistance regarding this matter, would be very much appreciated!  Thanks in advance!

[Sasha Mohammed]

@Lincoln Kai this scenario doesn't sound impossible by any means, although you may need to work to improve your credit a little bit in order to get decent terms. 

I have a lender off the top of my head that would allow for sub-650 fico, but they max-out at 70% LTV under 650 credit. If you could improve credit to 650 and above, they would go 75% LTV with no tax returns and no income verification.

Typically a lender that doesn't look at your on-paper income will want the property to be cash-flowing to a certain extent. I believe these guys don't even look at this if the loan is under $500k (but i would need to double-check this for accuracy on this specific program).

In Idaho, their starting rate is 11.5%, and they charge points and fees... so you'd want to run the numbers and see if it makes sense to refi your 1st plus cash-out vs taking out a 2nd TD and leaving your 1st as-is. 

There isn't enough info in this post to accurately advise you one way or another as to the best options, but point being, there are lenders out there. 

I suggest reaching out to a mortgage broker who is familiar and comfortable with non-traditional financing methods, specifically tailored to investors to discuss. if you'd like a starting point -- try @Alex Bekeza.

Hope this helps!