Posted by Ed Garcia on January 23, 2002 at 09:31:07:
My suggestion because you need $30,000 fix up money as well as the money to purchase the property, is for you to go to a small local bank. I would suggest since you’re trying to purchase the property without down payment as well as borrower an additional $30,000, that you cross-collateralize your new acquisition with a current property you own. This type of lender is a portfolio lender who will do cross-collateralizations.
You shouldn’t have a problem with your credit score because this lender is not necessarily credit score driven. They will do their own do-diligence, as you have said that new loans and inquiries have lowered your credit score. They will also be able to see and appreciate the increase in value if you present your deal properly.