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.