Sub-prime lenders want to make loans as much as, or perhaps even more than, you want a loan. If you work with an interested sub-prime lender you increase your loan-getting chances enormously.
"So what is an ‘interested sub-prime lender' you ask. The answer is: An interested sub-prime lender is one actively seeking to loan money on worthwhile real estate deals at possibly a higher rate of interest than that charged by conventional money sources, such as banks.
Interested sub-prime lenders indicate in their informational material that they make loans to:
Dealing with interested sub-prime lenders can get you the real estate money you need faster than from conventional lenders. And you'll find that some of these sub-prime lenders will welcome you, even if your credit is not the best say a FICO score of 525, or so.
Finding sub-prime lenders is a challenge. But don't get discouraged! There may be sub-prime lenders in your area. If there aren't any subprime lenders in your area, you can work with national sub-prime lenders. To find local sub-prime lenders, take these easy steps:
1. Use the methods given before for lenders that accept bad credit. That is, look in your local telephone Yellow Pages under "Mortgages," Real Estate, and "Loans. Some sub-prime lenders advertise there. Contact each such lender. Ask for his or her Lending guidelines. See if you can qualify you probably can. Also, look in your local large-city Sunday newspaper in the real estate section under "Mortgages. Some sub-prime lenders advertise there. They will identify themselves by lines such as "Good credit not needed. Or "Bankruptcy? No problem! Follow the procedure mentioned here.
2. Look in the directories published by IWS, Inc., listed at the back of this article. You'll find many sub-prime lenders listed there. Follow the procedure in Step 1.
3. Look at membership lists of associations of sub-prime lenders. Choose a lender in a large city near you, or in the city in which you reside. Contact the lender by phone, fax, e-mail, or postal mail. Get full data on the lender's criteria for loans. Keep contacting lenders until you find one whose criteria you can meet. Then apply for your loan. Use the qualifying phrases given earlier to choose your lender.
4. Look at the selected list that follows. Contact one or more of these lenders to see if they're interested in your project. Data given here is based on the informational materials released by the listed lenders. Since business objectives may change, it is important that you contact the listed lenders to determine if they are interested in your project. The lenders listed here are based on research I did to find sub-prime lenders you might work with.
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