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Updated over 3 years ago,
- Developer
- Rochester, NY
- 320
- Votes |
- 382
- Posts
Need 2nd Position Commercial Portfolio Line Of Credit/Loan Help!
I have been investing in and developing real estate for 15 years. I own 23 properties that are comprised of 120 units of residential and commercial. I have a fair amount of equity in this portfolio, about $2.6 million. I really need to find a credit facility that allows me to leverage this equity to buy larger deals. In the past I have had to raise capital from hard money lenders, friends and family. This process is very inefficient, especially when you need larger sums of capital between $1 million and $2 million. This would be my ideal scenario:
1.) Leverage that $2.6 million in equity into loan or line of credit to purchase property.
2.) 5 year term.
3.) 8% interest.
I have a great track record, excellent credit and own high quality, well located assets. So I'm assuming that there would be a lender out there somewhere who offers products like this.
Please help!