Can't get HML b/c of credit - Posted by Shea

Posted by Ben Carmona on May 01, 2007 at 18:00:02:

There are several HML in CA that do not check credit and can provide rehab funds based upon the after repaired value. Up to 70% arv.

Very few hard money lenders that loan rehab funds skip doing a credit check. Yes they still are true hard money lenders but have adapted their as-is program to accommodate rehabbers. There are still several that loan based upon the as-is value with no rehab funds though.

Many lenders, including HML, have taken a step back to evaluate their lending criteria because of the fall out in the subprime market.

Ben Carmona

Can’t get HML b/c of credit - Posted by Shea

Posted by Shea on May 01, 2007 at 13:10:11:


I am attempting to get a HML, but was turned down because of our credit. My husband and I are trying to repair our credit; we are evacuees. I spoke with one of the loan officers and he told me that because of the subprime situation HML look at credit as well. He said the restrictions have been tightened across the board. What other avenue could I take?

Re: Can’t get HML b/c of credit - Posted by jmac

Posted by jmac on May 01, 2007 at 14:55:57:

True Hard Money decisions are not based on credit, they are based on equity, sounds like they are not a true hard money lender, or your LTV is too high to qualify for a hard money loan. If you are in CA give me a call.

Jim MacArthur
619 846-1550 Private & Hard Money Lenders in CA