import
August 6, 2007, 12:54pm
1
Posted by Craig Grella on August 06, 2007 at 20:42:12:
If you’re buying the propert under a corp you can walk into almost any bank with that credit score and get a line of credit for up to $50k unsecured.
More than that, you’ll have to open up an account and place a percentage of what you’re looking to borrow.
If you have equity in another piece of property that might be a solution as well.
Be careful of proforma incomes. DO your own research. Rarely does actual income live up to proforma income.
import
August 6, 2007, 12:54pm
2
Unsecured LOC - Posted by MaxC
Posted by MaxC on August 06, 2007 at 12:54:26:
I’m looking at acreage with 3 mobile homes on it. Pro forma income of $18K/year. I’d like to buy it using an unsecured LOC. My FICO is about 720. Relatively strong balance sheet. Personal income of $120K and expenses of $80K. How much could I expect to qualify for and with what terms?
import
August 7, 2007, 10:38am
3
Re: Unsecured LOC - Posted by Matthew
Posted by Matthew on August 07, 2007 at 10:38:36:
As a seasoned Pro I found this company that specializes in unsecured lines of credithttp://www.corporatecreditconcepts.com/