Bad Credit Lending Strategies for Refi

[Angel Lee]

Hello All,

My first deal. I have a beautiful property already approved by lender for rehab. The problem is, I don't think I will be able to qualify for refi and this was my exit strategy due to my last business venture leaving me in a bad spot credit wise. Hoping to use this property to clean that up asap.

I'm currently shopping it for wholesale and entertaining the flip idea. But wondering what are some creative options (if any) for someone who would like to hold on to this property. Maybe some lenders that might work with me. Property Details below.

3br/2ba, Canby, MN, ARV 135,500, Est Rent 1,500

[Sanat Bhandari]

@Angel Lee What's your estimated credit score? Talk to a local bank/credit union that can do a portfolio loan for you. Their underwriting can help you get away with a potentially lower credit score

DSCR lenders place a huge amount of importance on credit score so if your credit is <640, it'll be hard to get approved for a DSCR loan (though most local banks are at 650, some might grant exceptions or go below that depending on your finances)

Feel free to PM me to go through your situation