Lakeland bank or credit union

[Chris Welch]

My brother and I have two sf rental houses in Lakeland and looking to pull some cash out. Anyone have experience with any local banks/credit unions in the area who are worth calling on ? Thanks in advance ....

[Christian Paez]

@Jeremiah Perry we followed the process of purchasing a property which was in need of remodeling, we would identify any necessary upgrades, as this is a perfect opportunity to fix any items which may give you headaches down the road, such as plumbing, electric, ac, roof etc. once the property has been fully restored and while it has been listed for rent, we move to apply for a loan in this case Line of Credit which uses the property as collateral, the lending institution will have an appraisal performed against the property to determine the value, however many banks are now requiring at least 1-2 years of maturity on the property before they accept the fully appraised value, meaning they will loan you a certain percentage (generally 60-80%) of the value of the purchase price plus the investment for the repairs, I have found many banks are moving in that direction lately, where a year ago they would do the loan based on appraised value with just 6 months maturity, but I would recommend you shop your local lenders for more options.

Our situation was similar to yours as our company was fairly new, but since we had W2 income, and good credit history, we were able to list as Guarantors for the loan, so that is a plus you have going for yourself. What I can recommend as a tip is you should have all your financial information handy and ready, they will require you to fill out a PFS (Personal financial statement) which will list any assets and debts you may have, having this information ready ahead of time will save a lot of time and effort, I have been using Mint for many years, I am able to list properties, cars, and investment accounts in the system, which makes it easy for me to pull up the information and quickly provide a snapshot of my financial information.