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Updated over 4 years ago on . Most recent reply
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Debt Servicing Loan questions
I recently quit my W-2 job of 11 year to work full-time as a contractor and working with an investor flipping houses. It's not that I don't still make as much money as I did with my W-2 job(actually will make more) however I am now no longer able to get "conventional loans" due to they all seem to want 2 years of work history. I have spoken with a couple lenders already and am still in talks with some. I will keep trying as well. On another post, someone recommended a Debt Servicing Loan". I'm trying to first, find a lender that offers this, and second trying to find what the rates/terms are normally for this type of loan? Is this closer to "hard money" at 10%+? Or somewhere in-between conventional and hard-money? Any input on this type of loan or other types that don't use my income directly to approve the loan would be greatly appreciated. Thanks in advance