When purchasing a home through conventional means, a sterling credit history is typically required to receive approval and the best loan rate. However, to establish credit it is necessary to create temporary debt, so what happens if a person opts for cash as much as possible while only relying on credit as an absolute last resort? The issue of “thin credit” may arise.
Fort Lauderdale, FL -- (SBWIRE) -- 05/08/2019 -- While lenders look forward to granting loans, there is the possibility of risk, which is why essential factors like income, credit, and assets are closely examined to ensure that the borrower is financially able to make the loan payments. However, there are arguably numerous individuals that have credit scores or reports that aren't current or they do not have sufficient data for a lender to take into consideration, something that goes by the name of "credit invisible" or "thin credit".
It is this "thin" or "invisible" credit that may spur borrowers to consider another lending option such as a hard money lender. Credit reports aren't necessarily the "make or break" factor as hard money lenders rely on different criteria when they are figuring out if a borrow is eligible for a loan. Plus, the closing can be done in just 24 hours in some cases. For borrowers with thin credit, Monroe Funding Corporation may be able to assist with overcoming the hurdle of securing financing.
About Monroe Funding Corporation
Monroe Funding Corporation is a direct equity lender serving clients throughout Central and South Florida, specializing in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get clients to the closing table quickly and professionally. For more information on hard money loans Miami, please call 954-816-0388 or fill out the application.