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Updated over 8 years ago,
Line of credit on multiple properties
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?