Credit Lines - Posted by esligh

import · March 28, 2006, 12:31pm

Posted by Patrick S. Lawson on March 28, 2006 at 15:34:16:

You just need a lender that will allow a stated heloc…there are a number.

import · March 28, 2006, 12:31pm

Posted by esligh on March 28, 2006 at 13:31:22:

Here is my current situation. I have good credit, Mid 700’s, and I am approved for up to $260K for a house from a local bank. This is a stated loan. The thing is they will not do that as a credit line so if I am doing a rehab, I cannot get money out for that. They do not do a stated program for credit lines. I am speaking to another local bank in town on Monday to see what they can offer. The house we will be buying will be to live in for 2 years and then turn it into a rental. I want to get a house that needs work and or additions so that I can get added value quickly. I also want to use the money to purchase 1-3 other properties as well. A couple of foreclosures, fixer-uppers. I was just wondering what suggestions some of you may have as alternative financing for stated income.

Thanks

import · March 29, 2006, 9:06am

Re: Credit Lines - Posted by Ed Garcia

Posted by Ed Garcia on March 29, 2006 at 10:06:08:

Esligh,

You say you?re approved with a bank based on stated income.

Esligh, banks don?t make stated income loans, Mortgage Companies do.

So my first question is are your sure you?re at a Bank and not a Mortgage Company?

If you are at a bank and they?re doing the deal on stated income, then they?re brokering as well as being a bank.

The reason I doubt that you?re at a bank is because, you?re getting a stated income loan which banks don?t do and can?t get a credit line which banks do.

Esligh, I?d need more information before I could truly help you and if you like, you can call me at (909) 944-0199 and I?d be glad to go over your deal with you.

Ed Garcia

import · March 28, 2006, 6:33pm

Thanks for all the responses… - Posted by esligh

Posted by esligh on March 28, 2006 at 19:33:21:

That is why I love this site and cannot wait to meet many of you at the convention.

Eric

import · March 28, 2006, 6:13pm

Re: Credit Lines - Posted by John Corey

Posted by John Corey on March 28, 2006 at 19:13:30:

You are also talking to the wrong part of the bank based on what you are saying.

You want the side that does commercial loans and otherwise finances local builder.

For the property that you will live in use the residential person and look at different loans such as the one you mentioned.

For a LOC where you buy, fix, sell or refinance to move the property on and off the line you need to be dealing with the commercial person. You can get a HELOC on your residence. That is not really what is going to work best if you run any sort of volume.

Speak with Ed as he know the drill. You can pick up some advice here in the forum or you can take a look at taking Ed’s course as this is the main focus of the program.

John Corey