Wednesday, July 20, 2011

Are there any hard money lenders for people with bad credit and 100% equity?

We own a triplex in Indiana with no mortgage. We want to borrow against the equity but can't find anyone to work with. The property is valued at about $70,000 (zillow) and we need about $30-35,000. Due to past financial difficulties our credit is not good (under 600). I'm frustrated that I can't find anyone who will lend money based on the value of the property. It seems like a great deal for a lender. If we pay they get their high interest rate. If we default they get double their money back through the value of the property. Do these kind of lenders exist or am I wasting my time looking?

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