Do Hard Money Lenders Check Your Credit Score? Your credit score is a crucial part of most loan applications for personal or private reasons. If you have a low credit score, this can make it seem impossible to receive the financing you need for your next project. There are, however, bridge loan lenders who focus on other guidelines more than a credit score. Find out where you can turn for a competitive hard money loan based on assets, not a credit score.
Why Most Lenders Check Credit Scores
This score is designed to show your creditworthiness. It combines a number of factors, but is the most common feature in determining whether you’ll receive a loan or not. Most lenders use other factors as well, but a poor credit score will often prevent you from receiving a bank loan.
The highest credit score you can receive is 850. A good credit score is between 670 and 739, while an excellent one is over 720. Typically, any score lower than 670 will make it difficult to receive a traditional bank loan. Thankfully, there are a number of competitive financing options available to individuals with any credit score. Don’t let a low score dictate the kind of home you can buy or your chance of growing your business, but take charge of your finances and navigate a competitive market with a flexible hard money loan.
How To Receive a Loan Without a Credit Check
Don’t let a single number prevent you from pursuing your dream job, investment opportunity or new home. Turn to a reliable hard money lender for a loan that isn’t based on your credit score. Hard money lenders California can offer you an asset-based hard money loan. Basically, this means that you’ll receive a cash loan determined by your existing assets and the value of the asset you’re intending on purchasing.
This type of loan is particularly common for purchasing a home or an investment property. The building may have great bones, but be inhabitable in its current condition. This will automatically discount a traditional loan, but is the perfect situation for an asset-based fix and flip loan.
These loans have a short term length and all the flexibility of cash. Request a loan to cover the cost of the property and any costs of remodeling and repairing it. You may need to provide a down payment, but you’ll enjoy a quick disbursement to close quickly on the property.
Restore it in no time with the help of flexible financing. Once restored, you can choose to list your property at a profit or apply for traditional funding with a longer term. There are many ways you can use an asset-based loan to improve your current personal or professional situation, so discuss your options with a local lender today.
Explore Your Hard Money Options Today
Start a conversation about competitive hard money options with a locally experienced team. North Coast Financial hard money loans offer the flexibility and convenience you need to make the most of a great investment opportunity. Don’t wait to build your credit score, but act quickly to close on an investment property or secure the home of your dreams.