Banks Just Laughed - Posted by Mark NC

Posted by Please let me Know on July 27, 2001 at 11:49:08:

I have sent a message to you before but never heard back. I son’t know if my work has a block on outside E-mail. Please let me know of any contacts that might help. This would open the door for me.



Banks Just Laughed - Posted by Mark NC

Posted by Mark NC on July 24, 2001 at 08:46:47:

I went to and presented my business plan to all the local banks in my area. I think most are still laughing. They all told me that they do not perform 100% financing on homes even if I was using a line of credit.(sure not on an unsecured line of credit). I stated that I could secure the line with the properties that I purchased and they just laughed. You can not secure a loan with property you have yet to purchase.

I have made some contacts on this sight and I have spoken to many on the phone and they said they would contact the banks for me. Have I already messed up my chances of getting a line? Should I use companies from the Internet.

If any one is from North Carolina that has established a line please contact me and tell me your secret.

I talked with you Mr. Garcia on the phone and you advised me on how to set up my business plan and I think it is pretty good If I do say so myself. I have worked with rental properties for close to ten years, and have my NC Brokerage Licence. I have purchased and managed 5 properties of my own and have currently 15,000 in the bank.

Still the Banks laugh.
Still the Banks laugh!

Re: Banks Just Laughed - Posted by Marty NC

Posted by Marty NC on August 01, 2001 at 11:52:09:

I just sent you both email with the same message:
Not to jump in here but I too am getting weird looks and unavailability of loans here in NC. I am not trying to get too creative in my financing. In fact, I don’t even want to deal with that right know. This will be my first property and I want to start conservatively. I am planning on a close around March 2002 on a new condo which I plan to buy and hold. I will either use cash or draw from my LOC on my primary residence. I just want to do a 10% down 30 year fixed. Does anyone know of a mortgage lender that knows what they are doing. Given the economy I would think that they would be all over someone tring to start a PT business. I have great credit and decent salary what am I missing??

I am not in NC but… - Posted by WilliamGA

Posted by WilliamGA on July 24, 2001 at 23:58:59:

…I have a substantial credit line with a bank that does operate there.

E-mail me and I will give you all the information and the officer’s name so the branch there can contact him on how to get it set up.

It CAN and IS done all the time, but you have to educate some of them. My guy is GREAT to work with now but I had to show him how to give me the line I needed.