Well first, I never list the name of the bank because what would consumers need me for and competition may not work with my banks and why would I share this info with them.
Yep, 680 is real high and the co-borrower can have 640. They used to lend down to 580 scores. This is an example of a lender whose credit score requirements are stricter than FHA and FNMA!
So is it all over? No!! We are going back to pre 9/11 lending standards. Banks are realizing the default risk they took was to high and that should be left to the hard money lenders. Today the term for hard many lenders is "situational" loans. But I don;t beat around the bush with my customers. Hard money loans are great if your opportunity cost exceeds the requirements of the loan(monthly payment etc..). sometimes a loan opens the door for you. Perhaps you need cash out or want to pay off bills.
One of my hard money lenders doesn't look at credit they are looking at collateral! Even a Yacht ($500,000 can be collateral)!(Minimum loan amount is $1 million).
We also have another lender that still does SISA down to 600 credit score on owner occupied commercial. Non owner occupied will be situational loan.
What if you only need $50,000 and don't own a building but have $50,000 in tangible business assets? Then you need to apply through American Cash Solutions Inc for an asset based business loan.
Hope this helps.
Stated Income, Verified Asset: We Submit Rent Roll, Operating History, Digital Photos, 1003 Application.
Apartments Over Retail? Financing is available(all loans subject to final underwriting guidelines, no promise is made in this blog for loan approval)
I'll have more details on this next week as well as joint ventures and non-recourse loans on multifamily.
Remember Multifamily is not just 5+ apartments but also Apartments over Retail. Apply through American Cash Solutions Inc for your multifamily loan!
We offer two services, first business plan preparation for small businesses and arrangement of commercial loans in 40 states.
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