What to do when you get denied a hard money loan because of a 25 year old, felony conviction?
@Account Closed if the rest of your application is fine (i.e. the deal is good, credit is good, down payment is sufficient, etc) then I would think your next best bet would be to network and find a local private investor who would be interested in financing the deal.
The upside in dealing with individuals is that they would have a lot more leeway in overlooking certain aspects of a deal that HMLs or banks will not.
Go to a local REIA meeting a network. It's been my experience that in this market there is more money currently available than deals currently available.
Thanks Will, I will try that route as the hml that gave me a pre qual came up with the felony reason after the appraisal was done. As the saying goes when one door closes another one opens. Gives me more motivation to succeed
Try Seattle, felons are a protected class when it comes to rental housing, maybe it's the same for loans.
Thanks for the reply but you would think that 25 years ago is a long time. Expecially having multiple homes and the same address for 13 years and good credit. will grow and start a company to help the little people.
Well Not all felonies are the same . A theft is much different than rape or worse. Banks look at different things . If you don’t mind saying ..Was it a violent offense