No Credit Check Loans
Conventional loans are becoming increasingly more difficult to acquire as the government has tightened credit availability for borrowers and lenders as a result of unscrupulous lending practices which led up to the housing market crisis in 2008. Institutional banks require lengthy loan application processes which require detailed information about borrower attributes including credit history, income, and tax information. Non-bank lenders offering non conforming loans such as hard money loans and stated income loans have different requirements when it comes to funding real estate deals. Companies like HML Investments offer hard money loans that could be categorized as no credit check loans.
Hard Money lenders really don’t look at credit, but income can be crucial. Hard money lenders accept borrowers that had foreclosures, bankruptcy, mortgage rates, collections, etc. Income will be verified through borrowers bank statements. Since we know that most self employed professionals never really report in the tax returns most of their real income. Hard money lenders need to verify that Borrowers can make the payments before they can get any money.
Hard Money lenders normally lend money on income producing properties, commercial and residential only. Very few lenders out there will lend their money on Land. Hard Money lenders want to make sure that in the case that they will have to foreclose on the property it will be easy to re-sell and recoup their invested money. Type of Borrowers we will consider are Real estate investor on NON Owner Occupied properties only. The reason we don’t lend money to owner occupied properties is “Section 32″.
For more information about no credit check loans, contact the specialists at HML Investments today to get started on your loan application.