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Updated almost 7 years ago on . Most recent reply

Account Closed's profile image
Account Closed's profile image
Account Closed
  • Rental Property Investor
  • from White Plains, NY
  • Member since Jun 12, 2018
Account Closed's profile image
Account Closed's profile image
Account Closed
  • Rental Property Investor
  • from White Plains, NY
  • Member since Jun 12, 2018
Account Closed
  • Rental Property Investor
  • White Plains, NY
86
Votes |
348
Posts
Private Lending & Conventional Mortgage Advice

LOC on a 500k building

Account Closed
  • Rental Property Investor
  • White Plains, NY
Posted

My team just rehabbed a building in White Plains. Purchased for 200k, added about 40k in upgrades and it now appraises for $475k and is fully rented. I tried to get a LOC from Penfed and they wouldn't give me a LOC for 300k because the building is in a LLC. I really do not want a mortgage on this building, just an LOC.

Any ideas?

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