Asset-Based/DSCR Lending For New Investors
Hello,
I am an aspiring investor looking to acquire my first rental property. I am hoping to find reputable lenders who lend based on the asset, not the borrower. I do not have any credit which is something I know many debt service lenders require, but I was hoping it would be possible to get a loan for an investment property that would not be based on my income or credit. I have down payment money available, and if needed I can bring in a credit partner, but I would really love to try to do my first deal on my own. If anyone has any knowledge or experience regarding my situation, any insight would be extremely appreciated. Thanks.
Most Popular Reply
No credit no income taxes no cash is not a track to get a debt service ratio loan. Let's start building your credit. Where do you bank? Get a credit card for $200 and pay on time, not a debit card. How much do you have in a checking account?
Hard money is going to want a sizeable done payment maybe 40% and is high rate, high cost and short term. Generally hard money doesn't show on your credit so it won't help you establish a FICO.