Posted by Sean on December 11, 2003 at 14:44:57:
Richard,
Thanks for the info, but I am looking for a Business Working Line of Credit, not a straight LOC.
Seeking Working Line of Credit - Posted by Sean
Posted by Sean on December 11, 2003 at 13:40:52:
I have been rehabbing houses for about 18 months now, have 5 completed 3 under contract… equities in the completed are approximately 110k. Expected equity in the 3 that close later this month are another 100k+.
I am looking for about 250k WLOC to use to help continue operation. Money would be used for day to day expenses, carrying costs when bridge moneys are up, until sale when needed, as well as further acquisitions etc when needed.
Credit scores are good, around 650ish for both me and the Mrs. However our debt to income is SEVERELY out of whack… basically we are EA1/EA2 level according to Mortgage broker.
We are in PA, if anyone knows of a bank or private lender doing WLOC of this amount given our type of situation, please I would appreciate their contact info.
Re: Seeking Working Line of Credit - Posted by Scott
Posted by Scott on December 16, 2003 at 12:02:50:
Sean,
I have been working with a broker that really helped me out. I emailed him your post to see if he could help. He thinks he can.
Send me an email if you want and I will give you his contact information.
Scott
sdavison@att.net
Re: Seeking Working Line of Credit - Posted by jp
Posted by jp on December 12, 2003 at 16:50:14:
Why don’t you sell the 5 completed ones? Is your exit strategy renting instead of cashing out? Are you having trouble selling them?
Are you the same Sean from the main board that advised me not to spend any of my own money?
Re: Seeking Working Line of Credit - Posted by tyler
Posted by tyler on December 12, 2003 at 09:33:04:
Sean,
You need to talk to Ed Garcia about this. He’s the only person that I’ve ever met, or even heard of, that can teach you how to find the right bank and get a working line of credit. You can reach him through this site.
Good luck,
Tyler.
Re: Seeking Working Line of Credit - Posted by Ethan
Posted by Ethan on December 12, 2003 at 24:07:05:
Sean,
You don’t want to do a non season refi and pull out the cash to use on other projects.
You can go with a stated program with your scores - Posted by Richard
Posted by Richard on December 11, 2003 at 14:23:14:
The main issue will be finding a lender that will give you a line of credit on a non-owner occupied house. You will be able to get a LOC on your primary residence but have found no lender willing to do a LOC on an investment property as of yet.
Richard
Re: Seeking Working Line of Credit - Posted by Sean
Posted by Sean on December 14, 2003 at 12:50:38:
Some of the completed ones are sold (L/O), others are hold properties (rented) and others are for sale. I have been using Bridge monies/HML to buy and rehab, and it works fine but as I am growing would like access to more liquid capital for the various things that come up from day to day operations, to quicker purchases, etc etc.
And yes I did advise you not to spend any of your own money… so you can see I am practicing what I preach 
Re: Seeking Working Line of Credit - Posted by Sean
Posted by Sean on December 12, 2003 at 07:33:41:
Not really, I have done that, and can do that, I am looking for more flexible larger line of credit rather than lots of smaller mortgages. Many of properties are under 80% so could refi to 80 and pull cash out but fees etc eat into equity. Would really prefer a line of credit to work with than simple refis.