Your Credit and a Hard Money Loan
Sure, credit matters.
But there are many good people who have terrible credit scores (and vice-versa).
What that means is that those good people are often ignored by lenders, and in many cases, the reasons behind their poor credit are far beyond their control.
So what happens if someone with bad credit wants to get a rehab loan?
Bad Credit and Rehab Loans in Atlanta
When someone with bad credit attempts to get a rehab loan through a traditional lender, the lender may not even look at his or her circumstances. In those cases, turning to an Atlanta hard money lender is typically the best option.
Because a hard money lender, even if they check your credit, is really looking at the most important factor: the value of the house.
In many cases, a hard money lender is able to fund a loan when the applicant has poor or less-than-perfect credit because what really matters is how much the property is worth. Remember, in a hard money loan, the property serves as collateral.
Should You Apply for a Hard Money Loan With Bad Credit?
Don’t let your credit score stop you from applying for a hard money loan. In fact, we may be able to help you if traditional lenders have turned you down. While bad credit can be a challenge, you can overcome it.
Do You Meet Our Loan Criteria?
If you’re thinking about applying for a hard money loan through Paces Funding, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.
Read our frequently asked questions and take a few minutes to learn about the hard money loan process. If you have further questions, you can always call us at 404-814-1644 or get in touch with us online. We’ll be happy to assist you.