Even if You Have No Good, Rotten Credit, You Can Get the Loan You Need!

Published by admin at September 26, 2015

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Most properties that an investor buys with the intention of flipping for profit do not meet FHA guidelines. Well, why does that matter? You see, in order to qualify for “traditional” financing to buy a property, a home must meet these guidelines. Otherwise a lender can’t underwrite your loan. Which means that you can’t walk down to your local bank or call up Bank of America to have them fund your deals. If it seems like you can never buy a fix and flip to make a profit, don’t be discouraged. You can get around strict lending requirements by using hard money lenders Texas.

That explains why the majority of fix and flip loans are financed by private money or hard money lenders Texas. What the hell are those, you ask? Listen up and you might learn something that can help you use real estate to make cash. These lenders will loan money based on an asset. In this case, the asset is a piece of real estate. The good ones are people who are (or have been) real estate investors themselves, so they really understand what it takes to fix a property and sell it for a profit.

What hard and private money lenders Texas will do is look at the property you want to invest in. They’ll ask you for your purchase price and what repairs you want to do as well. If they can see by the data that an investor can buy a house, do the repair work and quickly sell the home for a profit, they will fund the deal. It’s that freaking simple! The lending decision is based entirely off of the aspects of the property – NOT the borrower. This means that you can get financed if you have bad credit or no credit. You don’t have to show job history or prove you have any income or assets.