Buying a property when you have a low credit score is a very difficult endeavor, however, that does not mean it is impossible. Even with a low credit score and in this current mortgage climate, you can still purchase properties. There are several ways by which you can get around the credit barrier and launch yourself into buying properties which revolve around commercial bridge loans and some of these ways include:

You can start with a Rehab Property

People who want to borrow with a low credit score are almost always ineligible for loans that would be enough to purchase a single-family home at an average price. This, however, does not mean you will not be able to apply for a commercial bridge loan that will be enough to purchase a second rate property which you can then renovate (and sell for a profit, if you wish). All you have to do is put in the work to make it useful.

Have a co-signer

If your desire is to purchase a property but you cannot acquire a commercial bridge loan, you should consider getting someone to co-sign for you. The co-signer will effectually function as the guarantor of your loan, by putting his or her credit on the line for you. If you can get someone that has better credit than you do, be it a family member or a close friend who is willing to help out and co-sign on a commercial bridge loan, then you can make use of this opportunity to build your own credit when you repay.

You can always form a partnership

Perhaps you are unable to get someone to co-sign your loan, you can make use of another person's credit to enhance your application. You could consider looking for someone who has an interest in real estate and partner with him or her. This individual will help you boost your credit score and the amount of commercial bridge loan you can apply for.

You could also get a second mortgage

A good number of those with bad credit ratings have been unable to create a good history of repayment due to negligence or lack of integrity, some are, however, simply having rough patches and are going through hard times. A lot of these people already have their own homes before falling on hard times. The fact that you have a low credit score will have little to no effect on securing a commercial bridge loa as it will be backed up by the collateral you already own. This route is however risky as you have to ensure you have enough to pay for your mortgage irrespective of the status of the property.

You can also save a large down payment

If you have a poor credit score, you can still secure commercial bridge loans when you put up a down payment that is above average. If you could pay 20 percent and more up front, then you are likely to qualify for commercial bridge loans that are way above what would be considered usual for your credit score. If you could put a large amount of money as down payment, you have shown the lender that you are financially stable and also able to manage money by saving across time.