Hard Mone Loan to 30 year rental mortage

[Account Closed]

Anyone know a hard money lender who will then turn the loan into a 30 year rental mortgage?

Everyone I looked at has a minimum loan amount of $75K or has a down payment requirement of 15-20 percent.

I’m looking for a lender whom has a down payment requirement of 10% and doesn’t have a minimum loan requirement. Also a low FICO score requirement. Im in Wisconsin so lender must lend in Wisconsin.

[Jeff Cichocki]

Thanks @Odie Ayaga, I appreciate the mention.

@Account Closed, You're not supplying a lot if info in your post, but here's what I think I'm hearing you say...

1. You're not specifying whether or not this is a purchase or refi, but since you are saying "convert", I'm assuming you already have a loan that you are trying to convert to long term financing.

2. You're saying that you have a low FICO score

3. You're saying you want a really low equity position/down payment requirement in the loan.

4. You're saying you want a 30 year loan.

I don't know anything about the deal; I only know what you posted. If I'm reading this wrong, please feel free to correct me. I really would love to help if it's possible.

Finding a 30 year product is not the big deal. They are relatively easy to come by. But, based on what I have listed above, what you're looking for is an almost impossible request. But, let's walk this though...

The reason you're not finding a 90% LTV loan is that it doesn't exist; especially if you have a low FICO score. Lenders don't do super high risk loans any more. The crash back '08 taught them a lot about risk. An 85% LTV is the highest I've been able to find, but you have to have a higher score to qualify. And, if you're looking for cash out, the LTV drops to somewhere between 75% & 80%, but that too is dependent on a higher score. The lower the score, the lower the LTV allowed and the more "skin in the game" you have to have.

Let's put on the lender hat for a second and think about it from their stand point... It's extremely risky for the lender to be at that high of an LTV with a borrower that hasn't shown financial responsibility (low FICO). Here's how they come up with that determination...

Lenders have the criteria they do to help mitigate risk. In order to build in any kind of safety into the loan for the lender, they have to match LTV's, loan amounts, FICO, experience, interest rates and fees. Each of the 6 major criteria has an impact an on the loan. If any one of the criteria gets a little too far away from center, lenders will deny the loan. Unfortunately, based on what I think I'm reading, you have 3 out of the 6 pieces off of center (you want a high LTV, low down payment & you have a low FICO). Unfortunately, that makes both you and the deal a very high risk combination. 

I'm sorry. I wish I had better news. The best piece of advice that I can offer is to work on you cash position, your FICO and the LTV's of the projects you're in. If you can fix those 3 things, you'll become very bankable.

If you have any questions for me, feel free to either respond to this post or send me a DM.

Good luck.