“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?
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.
Image courtesy of Pakorn/freedigialphotos.net
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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
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