How to Get a Hard Money Loan With Bad Credit


hey everybody I’m Gunnar from Washington
Capital Partners. Hard money lenders are asset-based lenders, meaning that we
primarily care about the numbers on the deal actually making sense, as
opposed to the banks which are credit based lenders they’ll take a look at the
individual and their credit history in order to determine whether they will
fund the project or not. Now some hard money lenders will check
credit in order to determine the interest rate on the loan but by no
means is that bar client from being able to secure financing on their
project. Now some banks they will pass on strong deals just because of a
borrower’s credit score. As hard money lenders we prefer deals with strong
equity in them this allows us to help investors with less than stellar credit
buy dilapidated properties fix them up and then sell them for a profit.
Now you take a borrower with bad credit who brings us a strong deal we’re more
than happy to finance that project but take a borrower with good credit who
brings us a deal that doesn’t make sense we’ll analyze it let them know where
they went wrong and advise them on how to find a more profitable deal. So really
to answer the question why hard money lenders are able to finance borrowers
with less than stellar credit is really because the numbers on the deal half
that makes sense. Thanks guys. Thank for watching guys, comment below and let us
know what topics you’d like to see us cover next time and check us out online
at www.wcp.team

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