I am interested in purchasing investment properties below market value, rehabing them, and selling them as affordable housing. Is there a company out there that would finance me with a hard money loan or a bad credit/no credit loan?
2007-03-17 04:32:03 · 6 answers · asked by L H 1 in Business & Finance ➔ Investing
Your chances of gaining financing with BOTH poor credit and no available funding is quite slim. Given the recent public issues with sub-prime lending firms, criteria for issuing loans are probably going to become more stringent than they were previously. Should you find financing, also use caution in selecting a property with which to work. Contrary to much of the television advertising being shown, purchasing a decent property at below market price is not nearly as easy as it is advertised.
2007-03-17 04:39:28 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
You likely won't be able to get a loan if you have bad credit. You need to slow down and fix that, which you can do by just getting your financial life organized and paying your bills. To try something like this with bad credit and little money is very risky and could get you deeper in trouble. Even if someone did loan you money the interest rate would be high enough that you success would probably be limited.
2007-03-17 05:19:38 · answer #2 · answered by The Scorpion 6 · 0⤊ 0⤋
To be completely honest it will be hard. I would never loan anyone with poor credit and no money due to that proving they have no financial intelligence. They would not be trusted in making good decisions regarding MY money.
A bank will loan you money with bad credit but your interest rate will be high. They advertise even on TV if you have no bad or no credit, so the lenders are out there.
2007-03-17 05:39:59 · answer #3 · answered by Kitty 6 · 0⤊ 0⤋
you ought to be a pair of years in the back of the craze in this one- confirm to dont finally end up with a place and lose a gaggle of money, as is beginning as much as take place to countless flippers precise now because of the fact the housing industry is slowing majorly. you may get your self pre-approved for a private loan- then you definately would comprehend in case you are able to proceed or no longer. My guess is which you are going to choose a demanding time finding out to purchase financing for an investment supplies with a foul credit in spite of the shown fact that, so dont carry your breath.
2016-10-02 06:56:19 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Sure. Do u collateral? A nice car, a pretty wife?
2007-03-17 04:56:25 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Do you have a house?
2007-03-17 16:50:34 · answer #6 · answered by Anonymous · 0⤊ 1⤋