Need a loan with not so go credit so I can buy a dulpex..
2007-02-02 08:47:08 · 3 answers · asked by annabel32 1 in Business & Finance ➔ Renting & Real Estate
Well I owe 5,000 between doctor bills and a credit card plus 12,000 and some on a tax lien that my ex-husband di not pay so thats in my credit report..
2007-02-02 09:06:56 · update #1
Try this site. Person to person loan: http://prosper.com/
2007-02-02 08:58:30 · answer #1 · answered by surge 2 · 0⤊ 1⤋
Do you really understand what a hard money loan is?
In general, they will only finance 60-70% of the value. Hard money means lending solely based on the collateral, so they need to leave themselves a massive cushion, since they will not attempt to qualify your ability to make the payments in any way.
It's high risk lending, so expect double-digit interest rates on top of high fees as well.
I can't imagine, with your bad credit, you're sitting on enough cash to plunk down 30-40% on this duplex. If you have that money, you should have been able to pay your bills on time.
2007-02-02 17:00:09 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Hard money is probably not the loan for you - there's one hard money lender I know of, and they'll lend 60% of the value, no credit check, no income check, no debt check, etc. They will do an interest only loan for 6 months (you have to pay it all back then - so it's ONLY good for flipping) and the interest is (are you sitting down?.....) eighteen percent.
They own lots of houses that they are also selling - they own lots of houses because they foreclose on alot of people they lend to.
2007-02-02 23:28:50 · answer #3 · answered by teran_realtor 7 · 0⤊ 0⤋