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Looking for some Hard Money Lender experience

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GoHooterGo
Regular Contributor

Looking for some Hard Money Lender experience

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!

Starting Scores FICO8 - 02-23-2022



Current Scores FICO8


1 REPLY 1
ShanetheMortgageMan
Super Contributor

Re: Looking for some Hard Money Lender experience

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).

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
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