Looking for some Hard Money Lender experience

GoHooterGo — Tue, 31 May 2022 05:20:57 GMT

So, I currently own 9 Units in my Real Estate portofolio, and all have been paid for by either cash, conventional mortgage, cash-out refi or seller financing.

But I am looking to grow my portfolio a little quicker and I am considering Hard Money Lenders.

So I have a few questions from the MF community that has dealt with HML.

1.) Do they use Mortgage Fico Sores (2, 4 & 5) or do they use normal Fico 8 or 9 and etc?

2.) Do they report to your personal credit report (even if the loan and property will be under an LLC)

3.) Do they do a Hard Inquiry or Soft Inquiry?

My reasoning is, I do plan on applying for an auto loan in the next few months, and I do not want to take any inquries or accounts on my personal credit file until after the auto loan.

Thanks for any help!

Re: Looking for some Hard Money Lender experience

ShanetheMortgageMan — Thu, 02 Jun 2022 06:18:58 GMT

Most want mortgage scores that they'd pull (hard inquiry), but I've seen some who will accept a myFICO 3B report. It's extremely rare for them to report to the credit bureaus, even if you default, and you'll also be responsible for paying your own property taxes & homeowner's insurance (no escrow accounts).

topic Looking for some Hard Money Lender experience in Mortgage Loans

Looking for some Hard Money Lender experience

Re: Looking for some Hard Money Lender experience