Unsecured LOC - Posted by MaxC

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.

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?

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 credit