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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!
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).