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When trying to purchase a property through a conventional route, one’s credit history needs to be near perfect to receive approval and a favorable loan rate. However, to build credit one must create temporary debt, so what do you do if you prefer to use cash as much as possible and only use credit as an absolute last resort? You may run into the issue of “thin credit”.

While lenders are obviously eager to grant loans, there remains the element of risk, which is why they meticulously check important factors like income, credit, and assets to ensure the borrower has the financial means to make the loan payments. However, there are perhaps hundreds of thousands of people that have credit scores or reports that may be old or don’t have enough data for a lender to evaluate, something often called “credit invisible” or “thin credit”.

“Thin” or “invisible” credit borrowers are among the reasons why another lending option such as a hard money lender may be another option to consider. Credit reports don’t play as critical of a role as these types of lenders use a different set of criteria when determining loan eligibility and you can look forward to closing in as little as 24 hours. If you’re someone who has thin credit, we may be able to help you overcome the hurdle of securing financing.

This update is by Florida hard money lending company Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize 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 you to the closing table quickly and professionally. For more information on hard money lending FLor hard money loans Miami, please call 954-816-0388 or fill out our application.

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