I’ve got a primary residence with a recent Wells Fargo fixed 30 yr for$400k and an apprasial of $975k.
I’m working with my broker to find a $300k to $400k line of credit limited documentation loan and so far the best we can do is $190k. (I’ve got a 740 fico, self employed general contractror/rehab/flipper).
Any banks still doing these loans or should I take the $190 and wait for things to loosen up in the future?
Purpose of line is for construction costs during rehab. I buy the properties with aconvential loan. The other purpose would be that between the line and my cash I can play the auction game and also get those badly damaged properties that won’t qualify for conventional.
I’m allergic to hard money :rolleyes