750+ Credit Score And Borrowing Power
Hello,
Has anyone heard anything about credit being granted solely based on credit rating, particularly a 750+ credit worthy individual could be granted 1.5 million without any collateral being pledged?
If so, could someone direct me to such lenders?
Thank You
iaustin
Check with some of the lenders on this website. I have heard of no doc loans, and 100% LTV loans, but don't know if they will do what you're looking for.
Good Luck!
Are you looking to borrow 1.5 million cash/credit or are you looking to buy a 1.5 million prop?
Actually, I'm looking to use the financing to purchase several vacant/repo houses in my area fix-up and resale/flip in several months.
I have a 760 credit score and all depts paid-no loans or mortgages
You have two possible options but you would need a very good business plan, and I mean very good. You could apply for a SBA loan or advertise for Angel Investors/Silent Partners. Either way you would need a business plan outlying what you plan to do, how you are going to do it, your projected income and expenses and how you plan of paying your loan back. You would need to sell yourself and your ideas to the people w/ money. With this you possibly have a shot.
Best way to go about it is to first get a couple of deals under your belt so you can also show that you have a track record doing this type of business, then go looking for money people. No matter how good your credit is, w/o collateral, a business plan and some track record, its going to be next to impossible to find someone to lend you that type of money.
Actually, I've done a couple of deals, I just wanted to know if there is any truth to this 750+ credit-borrowing-power rumor? If so, it sure could cut years off my investment plan.
Thanks for your response.
I am working on something similar. I have a equifax score of 780. Combine that with some experience and some collateral, you should be able to get the loan. The more value in collateral, the better the terms of the credit line you will have.
You can also save on builders risk insurance policies by combining them into a single policy! That'll save you approx 40%!
Good luck
There is no such lender that will lend $1.5 Million unsecured...The reason:
1. It doesnt take much to achieve a 750 credit score (just timely payments and low revolving ratio's)
2. If people could access that type of unsecured money, the masses would be inclined to take the loans with the intention of never paying them back....
However, if you have solid credit and assets you wont have any proplem qualifying for a "secured loan" from a mortgage co.
How did you fellows get 750 scores??!
I had a 725, but every time I buy a property, ti goes down a little more.
1.5 mil cash loan without collateral
no way ... that wont do it....
use your credit score for show....
borrow elsewhere without the hit on your credit.....
it will be cheaper for you that way
May not be able to 1.5mil but can get you 50k unsecured or upto $250k unsecured if you been in business for over 2yrs. Can send you the details. See profile or send me private message if interested.
Mark