This week we are featuring a fix and flip real estate project that exemplifies an industry practice that often hurts entrepreneurs: project minimums — credit scores and experience

This borrower was new to the game. He didn't have much experience flipping real estate and nor did he have a stellar credit score. Most of the loans that he applied for were rejected because traditional lenders didn't value his project plan. They simply looked at his report card of nominal experience and poor credit, compared the stats to their minimum qualifications, then rejected the up-and-coming real estate rehabber because he didn't meet their desired minimums.

But we don't have minimums at Joist because every deal is different. Some deals are great regardless of the entrepreneur and some entrepreneurs are great regardless of their background. So we look at each project independently before we make loan decisions. The deal above emphasizes our belief in this philosophy. The borrower had trouble securing financing elsewhere but Joist saw his project as an opportunity to work with a new borrower who could become a customer for life. So we gave him a loan which he used to purchase and revamp the pictured property. The deal worked out for everyone and we now have a case study that shows the importance of diligence over minimums.