Working Line of Credit - Partnering w/ uncle - Posted by Robert

Real Estate Investing Real Estate Financing
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Posted by Kurt Schultz on October 04, 2006 at 23:46:15:

I know of a couple of the major financial houses are willing to hypothecate loans against stock and bond portfolios. They require that you give them custody of your portfolio, but you don’t have to liquidate it to qualify for a mortgage loan. Also, you may find that your Uncle might be able to secure a BLoC by purchasing CDs at the Lender.

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Working Line of Credit - Partnering w/ uncle - Posted by Robert

Posted by Robert on October 04, 2006 at 12:07:08:

Hi,

I know there are a lot of posts on working line of credits and what would be the best way to obtain them, but my question is a little different and I wasn’t able to get an answer from the old posts.

Me and my uncle are starting a business venture together and hope to obtain a $400,000 working line of credit. My uncle already has a $100,000 line of credit for himself. Would it be a lot easier for us to get a working line of credit of $400,000 if my uncle financials are A+?

We both dont’ have a track record doing real estate but that is why we are starting are venture. My uncle has liquid assets of $700,000 and a high networth. We just dont’ want to use our own money to do our real estate deals.

Are we in a good position to get a working line of credit without a track record?

Thanks…Robert

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Re: Working Line of Credit - Partnering w/ uncle - Posted by Ed Garcia

Posted by Ed Garcia on October 06, 2006 at 12:02:42:

Robert,

When you ask, are we in a good position to get a working line of credit without a track record? The answer is, is it possible? Yes. Is it likely? No.
Banks don?t hand out Commercial lines of credit to just anybody. They give them to their preferred customers who have demonstrated the ability to do Real-estate as a business.
As I read your post, it made me realized that I?ve probable gotten more investors a WLOC (Working Line Of Credit), Warehouses Line, Guidance Line, or Commercial Line Of Credit, then any other mentor. I guess you could say it?s kind of my specialty.
If you like you can call me at (909) 944-0199 and after a few questions I may be able to send you in the right direction.

Ed Garcia