Working line of credit...any help? - Posted by Travis - IL

Posted by Dimpil on October 11, 2003 at 04:25:07:

You need a broker to work with Bank of Arizon. If you find a good broker in IL, they maybe able to co-broker the deal with a local AZ broker (or just find a AZ broker) and they can deal with BofAz as the programs I’ve dealt with them on is on the wholesale side. I have no idea if they retail.

You see there are various lenders across the country that wholesale their money via brokers only. So do some major banks like Bank of America, Wells Fargo, Washington Mutual, Citibank, Chase. At the bank it’s retail through a broker it’s wholesale. And in most cases you get a better rate wholesale.

Okay, You can get a 95% investor loan via a conforming leander also without issue since your scores are so good. I personally would try and do it as a second home since you are buying in another state like that. Better rate and terms for you.

What I’m suggesting is this. Find a good broker, build banking relationships. A good broker will not only help you structure your deals but help you with finding the right program for your deals and educate you along the way. Banking relationships are vital because they have the money.

With the new system of everything being score driven you still have to meet the bank guidelines but once you have your foot in the door and the banker gets to know you and you preform, his/her lending is relationship based.

Working line of credit…any help? - Posted by Travis - IL

Posted by Travis - IL on October 08, 2003 at 21:47:51:

I am from Illinois and want to get started in real estate investing. I own a house with about 10K equity and and have zero debt except for my wifes car and 2K at Best Buy. Score is ok I think. I want to get financing for up to 85K to buy a condo and rent it out. Any help or suggestions on how to get a line of credit from a small bank?

Re: Working line of credit…any help? - Posted by Dimpil

Posted by Dimpil on October 09, 2003 at 20:59:57:

First find out your score. You need to know. Your score is your tool and you need to know how to use it to get what you want. Go to and get all three with scores. Clear up any thing that is wrong or inaccurate.

Then you should be able to get a 95% loan if you buy the home as a second home or 100% investor purchase if your score is good enough (680 middle or above).

Middle score is the middle of the 3 agencies, disregard the high 750, disregard the low 500 and then you have the middle 650.

Re: Working line of credit…any help? - Posted by Travis-IL

Posted by Travis-IL on October 10, 2003 at 10:40:46:

Sounds good…I think my score would be higher than 680… but you sound real confident about it. Do you know any tricks to the trade of getting a line of credit if I meet all that criteria?

Re: Working line of credit…any help? - Posted by Mike

Posted by Mike on October 11, 2003 at 10:32:20:

This may help. There is a wonderful company out of North Carolina called Money Solutions USA. Check it out on the web. I’ve been using their services for about 2 years and have bought several properties. They will qualify you for a line of credit, if you have a 680 or above. Once your line is established you can buy single family or up to a 4 plex (non commerical). Once you produce rental leases, your line of credit is replenished. They offer up to 95% LTV

Re: Working line of credit…any help? - Posted by Dimpil

Posted by Dimpil on October 10, 2003 at 13:10:34:


Yes I’ve done it for others, getting an investor loan for 95 or 100% LTV with conforming and non comforming lenders. Bank of Arizona is one lender who does 95% for investors and there are others, I usually only watch the fax machine for programs when I need a program. I have a core group of lenders that I work with in the company I work for. BUT, you need to find a good broker in your area to help you find the right financing.

My other post was only really responded to the tricks part. I know from how my boss cultivates local bankers and how he gets his financing you need a good working relaitonship with a business loan officer and commercial loan officer at your local bank so you can get a quick short term loans to do business.

Re: Working line of credit…any help? - Posted by Dimpil

Posted by Dimpil on October 10, 2003 at 13:02:16:

Get to know your banker really well. I’m also trying to find tricks and want to go to the workshop to better work with local bankers and build a relationship with them.

Re: Working line of credit…any help? - Posted by Travis-IL

Posted by Travis-IL on October 10, 2003 at 19:11:12:

So you don’t recommend working with Bank of Arizona because I live in Illinois? Do you feel it is better to approach a local bank to do business with? In the long run a local bank would probably be better to form a relationship with but if Bank of Arizona is “relaxed” in it’s lending rules then I should go through them first right? What are your thoghts?