Hi everyone, i’d like to open a line of credit so i can purchase a couple more properties here in fl. I’m a lic real estate agent and currently own 2 homes in fl. If anyone know of a lender that will accept stated income on a line of credit please post my mid credit is 759.I’m not looking for a home equity I’m looking for a personal line. I also have 125k available on credit cards. Thank in advance for all responces
Not going to happen. If you have an established business you may be able to get a business line of credit, but your proposition, as it is, is to risky.
Check out Wells Fargo Bank and national city… also I hear Chase or Citibank gives out lines of credit,…not tying it to real estate… generally you will need a business though, but its all possibly.
Also since you have a solid FICO, i would check local community banks in areas you want to buy…they maybe willing to lend, since they make there own decisions, but go in prepared…have financial and proof of income. If they decline you, ask them why. Sometimes its not for the reason you think and then ask if they can refer you somewhere else…
Wells fargo wants to see a least a year in business. Chase is the only one of the lenders you mentioned that will give a line to a business with less than 6 months operating history, but they will not like the idea of using the line for RE investing… it just does not make sense…that’s what equity lending is for.
use the credit cards to buy a property, then get a heloc on the property to pay the cards back.