Posted by Jimmy on December 12, 2007 at 04:27:17:
Many banks will issue LOC’s on free and clear property. Talk to a business banker.
Your credit and financials are very important factors. $300,000 in free and clear properties should shine nicely on your financials, but not necessarily on your credit scores.
HELP we need lines of credit!!! - Posted by Eric
Posted by Eric on December 11, 2007 at 20:40:16:
Does anyone have any idea what banks are easy to deal with when getting lines of credit???
It can even be secured we have 3 properties that are free and clear and are worth a total of $300,000+ we need a revolving line of credit because we are trying buy more properties
thanks
Re: HELP we need lines of credit!!! - Posted by Business Loans
Posted by Business Loans on December 26, 2007 at 17:42:42:
It depends on how much you are looking for. If it’s less than 50k then go to your local bank like Bank of America. If you are looking for over 100k then you will most likely need some help. it will depend on how long you have been in business, your personal credit score and your business credit score(paydex)
email me for more info.
Re: HELP we need lines of credit!!! - Posted by Ben Carmona
Posted by Ben Carmona on December 12, 2007 at 14:54:50:
3 possible options from my view.
small local banks who can give loc covering all the properties. Probably the least expensive way to go.
national commercial lender who can do individual loc up to 75%. Higher rate but much lower cost,usually only 1% origation to lender, no appraisal or title fees.
conforming lender that can do 80-90% on individual properties. lower rate but higher costs with broker involvement using wholesale lender.
Ben Carmona
Re: HELP we need lines of credit!!! - Posted by Brian (WA)
Posted by Brian (WA) on December 12, 2007 at 13:11:43:
What state are you in?
Lenders workshop taught me what to do - Posted by Kenneth Hocking
Posted by Kenneth Hocking on December 12, 2007 at 09:40:33:
with free and clear homes to get lines of credit SMALL LOCAL BANKS are best but get with ED GARCIA he can show you so me GREAT stuff on how to get the BANKS to work with you!
Lenders workshop taught me what to do - Posted by Kenneth Hocking
Posted by Kenneth Hocking on December 12, 2007 at 09:18:38:
with free and clear homes to get lines of credit SMALL LOCAL BANKS are best but get with ED GARCIA he can show you so me GREAT stuff on how to get the BANKS to work with you!