Yes, bad credit is not an issue if you have the right deal. We’re more concerned with the investment opportunity than your credit report.
There are times when regular bank loans for houses may seem impossible to obtain despite good credit scores or if your credit history is far from ideal. But that’s not the case with most hard money loan lenders.
Traditional bank financing usually depends on your credit score and income to qualify for an unsecured loan. But, hard money loan lenders like DFW Investor Lending base their lending decision solely on the house itself when taking calculated risks on individual house loans for those with bad credit scores.
It is essential to realize that hard money loans with bad credit come with high-interest rates and strict terms and conditions, and if you don’t pay your loans back within the period specified, you are subject to foreclosure.
If you plan on using a hard money loan to purchase an investment property, a short-term home loan, for instance, maybe just the investment property solution you need. These loans come in many forms and are often customized to fit your specific investment goals and risk tolerance.
These flexible loans allow you to choose a repayment plan that works for you. No matter what your goals and circumstances, hard money loans with bad credit are an excellent option to consider.