Help! How do I qualify for financing in Illinois

[Elijah Roberts]

Hello all,

I'm new to the community and I'm looking to secure a "smallish" $50K so that I can buy-hold-renovate-repeat. I currently have 5 properties, 3 of which I own free and clear. I've been in the business part-time for 10 years, without any major loans, Everything I've done has been through my own funds. Currently only 1 property is rented with 2 more to be rented out by the first of the year. I've been trying to use one of my assets as collateral for the $50K , but I've had no luck. I've been denied by 2 traditional banks (WF and CBank) and now a hard money lender (LimaOne ). My credit score is decent, 638+,  The hard money lender denied me because of the "length of time accounts have been established". The property I'm using to secure the deal is worth approximately $66K. I could really use any and all advice on how to get an approval so that I can soon quit my day job!  Thanks!