where to get hard money with bad credit?

Asked by Ray, 48193 Thu Jun 26, 2008

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Hannah Flieg…, Agent, Larkspur, CA
Fri Aug 21, 2009
Hi Ray,

Why not work to improve your credit rating and then get institutional financing cheaper than paying a hard money lender and possibly paying a hard money broker to broker the deal? You pay for good credit once, you pay for bad credit for the rest of your life. Good luck!
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Dp2, , Virginia
Wed Aug 19, 2009
Keep in mind that many HML aren't lending on owner-occupied properties--unless they're multi-families (2-4 units). If you have bad credit, and you'd like to buy a new home, then your best bet probably will be to buy with seller financing.

Please feel free to PM me with more details if you're interested in the latter.
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Other/Just L…, , Fleming Fitch Grant, Holly Hill, FL
Thu Jun 26, 2008
A local mortgage broker will almost certainly have lending sources for you... if that is your only resource. "Hard Money" is based strictly on equity and is offered by individual investors as well as specialty lenders.

If you don't have a trusted person to recommend a mortgage broker, you can do two things.

First, if you are buying a home, ask your Realtor for a recommendation. Any Realtor who has been in business for a while will have 2 or 3 folks to recommend based on a solid track record of prior performance with the Realtor's clients.

Second, contact your state's Mortgage Broker Association. I've attached the link for Michigan below. Most bona fide brokers will be members (but not always), and most members will be trustworthy (but not always).
Web Reference:  http://www.mmbaonline.com/
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