Equity loan on rental property

[Trevor Rutherford]

Was recently turned down for an equity  loan on a rental property by Wells Fargo.  The property is free and clear and cash flowing.   I do have ccard debt and that my be the reason.  Looking for sources for down payment money so I can move forward.  Any suggestions would be greatly appreciated.  

[Kyle J.]

I'd recommend calling the loan officer you were working with and just asking them why you were turned down. They should tell you. Wells Fargo does these types of loans (I know because I have one through them), so there must be something else (i.e. low credit score, too high DTI ratio, etc) that they don't like. You won't know unless you ask. And I'd figure it out before applying with other lenders because you might run into the same issue elsewhere, in which case you'd just be wasting your time applying elsewhere until you fix what the issue is.