Investor · Marbury, MD · Member since 2017 · 52 posts · 57 votes
So today i contacted a hard money lender i was trying to work with about a property i have under contract in Baltimore 21215 Zip, and was surprised by his response.
"Thanks for the opportunity to work with you on this deal, but the real estate market in that area is to unstable for us to lend in.
I may know someone that may lend over there, can you remind me of you credit score, and numbers of flips done in the past 2 years?
Please let me know if you get any deals in other areas."
So today i contacted a hard money lender i was trying to work with about a property i have under contract in Baltimore 21215 Zip, and was surprised by his response.
"Thanks for the opportunity to work with you on this deal, but the real estate market in that area is to unstable for us to lend in.
I may know someone that may lend over there, can you remind me of you credit score, and numbers of flips done in the past 2 years?
Please let me know if you get any deals in other areas."
Every lender has different risk thresh holds and criteria. So keep trying.
Rental Property Investor · Baltimore, MD · Member since 2016 · 253 posts · 178 votes
7y
Yeah I have hard money lenders that lend in Baltimore. There are going to lend you at probably 80% LTC (loan to cost) rather than 90% in PG or DC. I have worked with Washington Capital Partners.