Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 2 years ago on . Most recent reply

User Stats

14
Posts
0
Votes
Angel Lee
0
Votes |
14
Posts

Bad Credit Lending Strategies for Refi

Angel Lee
Posted

Hello All,

My first deal. I have a beautiful property already approved by lender for rehab. The problem is, I don't think I will be able to qualify for refi and this was my exit strategy due to my last business venture leaving me in a bad spot credit wise. Hoping to use this property to clean that up asap.

I'm currently shopping it for wholesale and entertaining the flip idea. But wondering what are some creative options (if any) for someone who would like to hold on to this property. Maybe some lenders that might work with me. Property Details below.

3br/2ba, Canby, MN, ARV 135,500, Est Rent 1,500

Most Popular Reply

User Stats

244
Posts
162
Votes
Sanat Bhandari
  • Investor
  • Omaha, NE
162
Votes |
244
Posts
Sanat Bhandari
  • Investor
  • Omaha, NE
Replied

@Angel Lee What's your estimated credit score? Talk to a local bank/credit union that can do a portfolio loan for you. Their underwriting can help you get away with a potentially lower credit score

DSCR lenders place a huge amount of importance on credit score so if your credit is <640, it'll be hard to get approved for a DSCR loan (though most local banks are at 650, some might grant exceptions or go below that depending on your finances)

Feel free to PM me to go through your situation

Loading replies...