Question for those who’ve partnered up on deals

2 Replies

I want to partner up with someone bankable, I myself don’t qualify for a loan at the moment. If I partner up and go down on the loan will we be denied because of my insufficient (W2) income and short amount of credit history? Or will the bankable person’s credit and substantial (W2) income be suffice regardless of whoever else is on the line for the note.. ps I also have a co-borrower with substantial income/credit willing to sign on my behalf if need be. 

Any and all information is greatly appreciated. Thanks!

If your partner is as strong as you suggest, it will not matter if you are on the loan.  The bank will probably require you both to guarantee the loan irregardless of your income.

Originally posted by @Adam Waldman :

I want to partner up with someone bankable, I myself don’t qualify for a loan at the moment. If I partner up and go down on the loan will we be denied because of my insufficient (W2) income and short amount of credit history? Or will the bankable person’s credit and substantial (W2) income be suffice regardless of whoever else is on the line for the note.. ps I also have a co-borrower with substantial income/credit willing to sign on my behalf if need be. 

Any and all information is greatly appreciated. Thanks!

 Hi Adam,

I'm not clear on what you're bringing to the loan application.

You know the loan can be in partner's name alone,  but you can still be on title, right? That might be the best bet here. :)

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