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Updated over 5 years ago,
Loan options for individual with bad credit
I have a friend who has done an amazing job building his contracting company. He's been flipping in the area for a couple of years now and he's been pretty successful. He's been using hard money to fund his flips. He wants to start applying more of a BRRR strategy, however, his challenge is he has bad credit. He currently has a handful of properties financed through HML. They are all rented and even with the existing hard money loans, they are cash flowing really well. The properties are probably worth 2X what he owes. Ideally, he'd like to refinance each property at about 7-8% over 20 years (or 30 if he can get that). He's probably looking for around $250k. He asked me for some advice. I'm not sure how to find this type of lender. Can anyone point me in the right direction?