Posted by Jen on September 03, 2003 at 16:11:19:
Sovereign Bank gave me a 20,000 LOC at a Good rate.
My scores was mid to high 700’s and my DTI ratios
were low and they did not even verify Income.
Good Luck!
Can’t get a Line of Credit!! - Posted by Tim (CT)
Posted by Tim (CT) on September 03, 2003 at 13:35:26:
I’ve spoke with three banks already and all are telling me that they won’t do a line of credit if they’re not in first position. I’ve got a property worth about 170k and I owe about 110k. All I’m looking for is about 25k for other investment opportunities (I’d even take 20k). No one will budge. Does anybody know of any lending institutions that will do an LOC. (Btw, I live in CT.).
Thanks in advance.
Re: Can’t get a Line of Credit!! - Posted by JJ
Posted by JJ on September 03, 2003 at 14:18:48:
Is that LOC against your primary residence or non owner occupied???
If its primary residence, it should be fairly easy unless your credit scores (or some other issues) prevent you from getting the loan.
You can always try getting a 2nd mortgage instead of the LOC.
But if its against a non owner occpuied property, its usually very difficult to get LOC’s or 2nds. Do a staright refi with cash out instead.