“I’m Sorry, NO can do”

“I’m Sorry, NO can do”

 

 

 

 

Hey Joe, I have a bank customer who is looking to buy a property from his father. Loan amount would be about $40k, but he wants to include closing costs into the loan amount as well possibly.  He has a credit score of about 480 or so. Would you be able to do anything with that kind of credit?

Thanks, Rob

 

 

I would not even consider giving a loan like this to any of my lender partners. It takes work to screw up credit so badly that someone has a 480 credit score, 23 collection accounts and not one credit line that was paid as agreed.

 

I’m sure that there might be some hard money lender that would do a loan like this, but based on history the individual will most likely default again and eventually lose the property to a foreclosure. I hate to judge, but this is one that I would never consider doing even if I had a lender that would be crazy enough to do it.

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Comment balloon 9 commentsJoe Petrowsky • February 20 2018 02:39PM
“I’m Sorry, NO can do”
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