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Need a commercial loan, but my credit is poor. Any ideas ?

The home is actually listed as commercial. It needs alot of TLC, and can only be sold as is, and with a commercial loan. We are looking to foster kids and this home is perfect. i see ads for bad credit loans but not sure who is trust worthy.
  • January 18 2010 - Canton
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Answers (2)

Hard Money Lender - checkout www.reiclub.com you'll find a list of hard money lenders in your area here... Good Luck!
  • January 18 2010
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I have attempted this type of situation for a gentleman in TX who worked from home and who's home looked very much like an office building. You will inevitably run into the fact that commercial lenders do not like to loan on property that you will be living in. This is because of the homestead laws in place in Texas. The lein the investor files is somewhat diluted and therefore investor risk increases.
The other part of your question that impacts your options is credit. In today's market, a portfolio lender is the best option when credit is not good. These investors are typically slower when it comes to funding and will probably ask for everything short of blood work. I would be willing to send you contact information for a couple of these companies if you like but I have not worked with them in the past.
I believe that your best option is to improve your credit score and save money while that process is taking place. The only ways to improve credit, short of waiting it out, are to establish new good trade lines and dispute older incorrect trade lines. I have a wonderful company that you can contact. Shoot me an email or give me a call. I will get you their contact information.

  • January 18 2010
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