Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 9 years ago on . Most recent reply

User Stats

212
Posts
53
Votes
Paolo Ruggieri
  • Lender
  • USA
53
Votes |
212
Posts

Line of credit on multiple properties

Paolo Ruggieri
  • Lender
  • USA
Posted

I own 9 properties free and clear all rented. Values approx 50k each -450k in total

I have perfect credit, great assets (300k+ cash) and very good income (both rentals and w2)

I would like a line of credit 250k (60% loan to value)  using 9 properties as collateral 

I would use the 250k line of credit + my 300k+ cash to purchase fix and flip deals and/or lend hardmoney 

Does anyone have a contact to suggest for such line of credit?

Banks I talked with do not like having many small properties for collateral and want  to charge me huge amount in 9 full appraisals and points ... I would like a bank that charges very little/nothing for closing/underwriting and is ok with broker opinion drive by desktop appraisal... I am ok with a higher interest rate

Do you have any contacts?

  • Paolo Ruggieri
  • [email protected]
  • 404-782-1545
  • Loading replies...