My Friend Wants To Use His Credit To Fund My Deals

5 Replies

I don't know where to start as far as securing the funds on the next deal.

 Do we have to use a bank? 

 I'm more interested in using private lenders or is it a difference? 

My hardest step was getting a credit score above 700 and now we have a 750 credit score. 

After finding the right deal which direction do I go?

All advice wanted( good/bad)

Not sure how your actual question/post relates to the Title.

Your credit score will be a factor that banks and private investors look at, but they care more about is your track record and business plan. Your credit score probably means more to banks than private investors simply because of their underwriting standards.

Originally posted by @Joe Villeneuve :

Not sure how your actual question/post relates to the Title.

Well my friend wants to use his credit to fund my deals, should i use a hardmoney lender or bank?

Your friend wants to use his credit to fund your deals?  How are they then "your deals?" I would at the very least consider that a partnership of some sort.  If you are into doing a partnership, then go for it, if not, then I suggest you look at your own credit score and see if you can go in alone.  Nothing wrong with partnering, just be careful you understand the implications of whatever relationship you have particularly when it comes to money and investment.  Am not the partnering type, but I definitely respect those that find value in it and it has its advantages.  My partnering is limited to learning and sharing knowledge which each other, but not necessarily doing an application together or funding acquisitions together.

Originally posted by @Anna M. :

Your friend wants to use his credit to fund your deals?  How are they then "your deals?" I would at the very least consider that a partnership of some sort.  If you are into doing a partnership, then go for it, if not, then I suggest you look at your own credit score and see if you can go in alone.  Nothing wrong with partnering, just be careful you understand the implications of whatever relationship you have particularly when it comes to money and investment.  Am not the partnering type, but I definitely respect those that find value in it and it has its advantages.  My partnering is limited to learning and sharing knowledge which each other, but not necessarily doing an application together or funding acquisitions together.

I think I will focus on hard money lenders

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