LINE OF CREDIT SECURED BY N O O PROPERTY

Financing, Hard Money Lenders, Private Money
1

I have four properties that I’ve paid cash for and have totally rehabbed and rented. I would like to obtain a business or personal line of credit secured by these properties. The appraised value of ALL the properties is $280,000.

Location: Cleveland/Suburban Ohio
Seasoning/Time owned: 2 Months
Original Purchase Price: $12,000 - $11,000 - $13,500 - $Quit Claim

Can someone point me in the right direction. I do not want to sale because I’m getting $2600.00 per month in rental income.

What banks/lenders?

I have a 680 credit score, 12 months business bank statements showing $12k per month.
My business has been open since 2002 with an 82 paydex score.

2

Please :banghead

3

Have you tried a local bank?

4

Instead of a business line of credit, how about a home equity credit line. Bank of America gave me two separate HELOCs on two investment rentals.

Credit amount was based on 80% CLTV using appraised value.

5

Just sent you a pm about our lines of credit. :biggrin

6

There are unsecured business lines of credit available but if your sole business is real estate industry, lending industry, or a few other industries you’ll have a much harder time getting this.

What is the nature of the business that you’ve had since 2002?

There are no helocs available through the wholesale channels that brokers deal with that have no seasoning; believe minimum is 6 months with most. Now, you could visit some of the local banks where the properties are located and speak to the commercial/business banker. They may have somthing for you.

You may need to just do cash out refinaces with a normal mortgage in first position. However, bank statement programs are tough to get done, especially in OH.