500 FICO Refinance: What Hard Money Still Funds
Someone submitted a 500 FICO refinance today — what asset-based hard money still funds when credit is weak but collateral strength and exit math work.
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Video transcript
Lightly edited for clarity.
We had someone submit a 500 FICO refinance today. And one of the first questions I ask is: is the credit challenge temporary or long-term? Because I want to know if short-term debt will fix the issue, or if you just need to get out of that bridge loan and get into a long-term product and then, over time, fix the credit problem. We have solutions for both.
The longer term debt with that challenged credit — you'll get a higher rate, obviously, and lower leverage. If you also have a partner in the LLC, or someone who could be added to the LLC as a credit partner, we can also get around that and then use their credit to give you the right terms.
But if you're in that spot, give me a call. We have solutions for that. I'm dealing with it today, but give us a call. Low credit DSCR, we can get it done — our low credit refi.