@Maurice Whittle I have done it with a hard money loan. Asset based lending means the decision to lend is based primarily on the value of the asset. So theoretically you can have a bad credit rating. However, asset based lenders will generally only lend 60% to 75% of the value of the property. So, you need to come up with the difference either in cash or because you have a killer deal.
Think of things this way: Typically when speaking to lenders, the less that is required the more expensive the loan. If you have a good credit history take advantage of that, if you have amazing W2 income - use it.
Also look at it this way - if your DTI is terrible, be sure to have a lender that doesn't look at DTI. Shoot me questions anytime!