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 over 4 years ago on . Most recent reply

User Stats

12
Posts
6
Votes
Travis Hardy
6
Votes |
12
Posts

Debt Servicing Loan questions

Travis Hardy
Posted

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

Loading replies...