How can I get over $50k in a line of credit?

[Byron Bailey]

There are a few cash offers in my area that I would like to take advantage of but I don’t have the cash to do so and rehab. Is it possible to get a line of credit of $50k or more? If so, how? My credit score is 700+

[Igor Messano]

I disagree with @Jim Goebel. I currently have 2 lines of credit that are unsecured from my local credit unions. One for 30k and the other for 15k. The 30k line was established with the credit union I do my personal banking with and it took about 20 minutes to apply and get accepted. The other I applied and by the next day it was approved.

I was surprised when I first started getting these because it just looks too good to be true. I will say that when they pull your credit report they will be concerned if they see several lines of credit opened recently. The second credit union tried giving me only 5k initially and when I asked why they told me it was because of the other recently opened like of 30k. I explained that I meant to use these to do repairs in a rental as I wait for the refinance and they said "ok" and approved. Credit unions and small banks are very relationship driven and will work with you.

I have since used both lines and some personal savings to buy properties in cash and refinance them. Note that most refinancing inside 6 months only allows you to get the original purchase price out plus closing costs. You will likely not be able to refinance rehab costs within 6 months. So make sure you have the reserves to pay the credit line's minimum payment for the time required.

Quick hack - Some credit unions will tell you their maximum unsecured credit line is 10-20k. But sometimes this is a limit per "account" since you usually have to open a checking account. I've seen people simply open 2 accounts and get approved for 2 credit lines for the maximum.

The interest rates are around 9% on both lines.

Good luck.