Hey all! I have been trying to find out from Lending Home how many credit lines are needed and for how long do they have to be open to qualify for their fix and flip or rental home loan. If anyone here knows, I would greatly appreciate it. I have been trying to get an answer directly from Lending Home, but for some reason I am unable to. I might get a quicker response on here.

Thank you to all in advance!!

If you can't get a straight answer from them, it may be time to find a different lender with fix and flip loans available

Hi Crystal,

I can't speak for Lending Home, but coming from the hard money space, most lenders do not require that you have existing or open credit lines in order to qualify for financing.

However, hard money lenders will generally require that you can show some amount of liquidity. This liquidity can often take various forms; cash in checking/savings accounts, $ in retirement accounts, $ in stocks/bonds, etc. 

Hope this helps,

Michael

What @Michael Kinsella said. If you can't even get them on the phone to answer some basic questions, that is an immediate red flag. Imagine how fun it would be to close a loan with them with all of the back and forth that takes place! 

Cash reserves are going to be the #1 qualifier. Lenders see other open debt as increased risk usually. 

Originally posted by @Crystal Thomas :

Hey all! I have been trying to find out from Lending Home how many credit lines are needed and for how long do they have to be open to qualify for their fix and flip or rental home loan. If anyone here knows, I would greatly appreciate it. I have been trying to get an answer directly from Lending Home, but for some reason I am unable to. I might get a quicker response on here.

Thank you to all in advance!!

Your rep for LendingHome isn't doing you any favors.  I have a great contact there.  PM me if you want his contact information.  He'll tell you you need.

@Elise Marquette I believe you are right. Every other lender I spoke with could give me a direct answer. For some reason, this one took more than a day to find out. Thank you so much!!

@Michael Kinsella thank you for the info. I finally got an answer, and they do require credit history. Guess they are all different. I appreciate your help!

@Dan Beaulieu You both are right. Definitely going to have to find someone different. I appreciate the advice.

@Crystal Thomas I can send you my regional director that I deal with at Lending Home if you want she has been great to work with. Also, checkout Residential Capital Partners based out of Dallas, TX as another hard money lender.

@Johnny Lynum I would really appreciate if you send me her contact info. I will also look into Residential Capital Partners. Thank you for the info and advice!!