Funding Needed for Rehab Projects!
Searching for a Private or Hard Money lender to provide funds for rehab projects.
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Lenders need to protect themselves, so it shouldn't be surprising that if you don't have good credit, don't have cash reserves, don't have good income and/or don't have investing experience, the terms of any loans are not going to be favorable. Think about it -- would you want to lend money to someone who doesn't have a strong financial background or strong investing background? Would you even consider lending to someone like that without major upside (like upfront points or high interest rate)?
Probably not...and neither will reputable lenders...
So, if you want to attract private money and bank money, work on your credit, build some cash reserves and work with some experienced investors to get some experience under your belt.
I don't say this to be harsh, but this is the reality of the lending environment these days...