line of credit - Posted by Travis

Real Estate Investing Real Estate Financing
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Posted by Tim Fierro (Tacoma, WA) on March 05, 2002 at 10:27:39:

Next try a mortgage broker. They will have many different types of lenders and programs, one of them should meet your needs with a 580 score and one that can take advantage of your assets.

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line of credit - Posted by Travis

Posted by Travis on March 04, 2002 at 23:55:31:

I am in need of a home equity line of credit. I’ve gone to several banks and have been declined because they said that my credit score is too low (580). I own a second home free and clear worth 200k and a rental property worth 120k. They are both located in Miami Beach. I have other assets like other mortgaged rental properties, CD’s, a car and jewlery.I am employed and I make 60k. Please let me know if there is anyone who can help me.

Thanks

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Re: line of credit - Posted by Tim Fierro (Tacoma, WA)

Posted by Tim Fierro (Tacoma, WA) on March 05, 2002 at 01:57:49:

I know this sounds odd, but have you went to the bank that you have your checking in and consulted with a banker there?

Have you told him/her that you own a house worth $200k, FREE & CLEAR?

Now unless you are trying to get a LOC of $200k, I can’t see why they wouldn’t give you some kind of LOC even at 50% would be $100k.

Are they really only saying it is the score of 580, and for no other reason?

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Re: line of credit - Posted by Travis

Posted by Travis on March 05, 2002 at 07:48:52:

I currently have about 40k in cd’s with my bank and I was only looking for approx 50% of equity. They say their decision is credit driven since that is the best indication of future payments. This is from both Fleet and First Union Bank. Please help. I’m missing a lot of deals.

Thanks