OfflineI've been looking into using a hard money lender starting out in order to purchase a property. I am concerned if using a hard money lender would be a good option and after aquiring the property then refinancing it through a conventional loan. I've been talking to banks and mortgage brokers and they seem skeptical not due to bad credit but not enough lines of credit. I'm kind of stuck here and I would really be dissappointed to miss this deal due to someone saying no, you don't qualify. I'm really trying to "think outside the box" here and looking for some advice.
__________________
Chris
There are a bunch of HML's out there that will loan you money based on the deal itself. They wont even pull your credit half of the time. I know i talked to one lender and they said we don't even pull your credit. We just look at your background info to make sure you are not a criminal or anything. And they would loan up to 70% LTV. This was a commercial lender though. I know there is residential lenders that will do the same thing.
goodluck,
Shaun