You have a paid-off home here in Florida and you want to access the equity, but you have bad or no credit. The banks and conventional lenders turn you away because you can’t meet their strict underwriting guidelines. Is there anything you can do?
You spend many years paying off the mortgage on your home and in the process you are building a great deal of equity. If you have poor credit this equity may not be available to you from conventional lenders with strict underwriting guidelines. This is not an issue when you deal with AHL Hard Money Network. Our loans are secured by that equity, thereby eliminating the need for your credit to be reviewed.
If you’re struggling financially, you may feel as though you are out of options. However, all hope is not lost. Your home has significant equity that can provide you with the help you are looking for. Learn how to use your home equity the smart way by reading on.
You are equity rich and credit poor. This is a situation many florida homeowners find themselves in when they go to apply for a bank loan. They have scores in the 500s, charge-offs, or judgments that need to be cleared up. However, the bank turns them down. Many times the homeowners own a Florida owner-occupied or non-owner occupied property worth $200,000, $300,000, and up to $1,000,000 that is paid off free and clear. The bank however only uses credit, and credit scores and debt-to-income ratios. Sadly many of these good borrowers will be turned down.
As conventional banks become more cautious and conservative, investors can have greater difficulty in obtaining loans for real estate investments or improvements. Also, the recession in 2008 led to many smaller banks and lenders being absorbed into larger banking institutions. These factors don’t bode well for commercial real estate investors looking for prompt responses on financing. This is where hard money financing from AHL Hard Money Network can help.
If you have bad credit, all is not lost. You can still receive financial assistance through hard money lenders. For a guide to using hard money when you have bad credit, just continue reading.
*We do not issue approvals. We are a marketing and lead portal. You will be contacted directly by our private investors. They will call you directly to determine the value and equity in your home and to help you throughout the approval process. Each inquiry is on a case by case basis. Thank you.
