Hi Patrick, would you secure the line with propertie(s)? If so, I wonder if you could add clear properties as you pay them off and increase the lines. Or would this just be an unsecured line kind of like a wloc? Also, what type of bank would be best to check out? A large chain, a credit union, or a mom & pop type of small bank?
I have a free and clear 3/2 rental that would appraise for 40k and want to borrow 25k on it to consolidate bills. This would zero out all bills and pay off another house. My debt to income ratios would be low and my credit is fine. I have called a few mortgage brokers and have been told that they don’t loan less than 60-70k. Any ideas where I can look. I was wondering about banks or credit unions? I know that I could go to the loan sharks like citi financial, or am general, but would prefer to get a better rate. I don’t have to get the loan, just want to speed up the payoff process. Also considered a line of credit, or a second on my primary residence. Ideas?
Thanks in advance,
Darryl in Alabama