Need HELOC, H/E loan , Any suggestion?

Question

I have two properties  (SFH) that I bought and rehabbed using my own money. (Both are rented to section 8). I put out an offer for the third one also to be bought without financing. All the properties ARV is about  $45K -60K. Properties are located in Birmingham, AL
I don't think I'll have enough to rehab the third one. I checked  with several local banks.They do have HELOC and H/E loans but not for investment properties. Are there any loans out there that I can use (Business loan maybe?) 
I probably need $10-15K

Thanks,

J Lee · Answer

Eddie,

Congratulations!  I work with different types of lenders and can work with you.  Please contact me.

J Lee · Answer

Eddie,

Congratulations!  I work with different types of lenders and can work with you.  Please contact me.

Eddie Ziv · Answer

Thanks, Josh. I'll check it out, but I was looking for something in the line of a secured loan where I don't feel the pressure to pay back in 12 months.

Josh Green · Answer

i'm sure that you can pay off 10-15k in a year. go with the CCs that are offering 0% for a term. i know that my card is 0% for 12 months and 3.9% on balance transfers for 18 months.

Eddie Ziv · Answer

Thanks Guys.
I was out of town and busy so I couldn't respond. Getting the money is not a problem. Getting the money cheap is. I have about $60,000 Line of credit in credit cards,and $15,000 in personal LOC with my credit union. My FICO is 745. They are all good sources but not cheap 11.5%-21%. I already used some of my Home Depot LOC which carries no interest for 12 months, but in the end of that run I'd need something cheaper.
Thanks,

Eddie

Jon Holdman · Answer

Credit cards?

Jesse Ramirez · Answer

You have got to be the smartest baby ever Josh. Look at you with those cute little eyes. 
Look and your all ready a banker at the ripe old age of three weeks.
Good advice buddy.

Jesse Ramirez · Answer

10-15k doesn't sound like much. Have you tried borrowing from a relative? Why not make them a partner in the deal?

Josh Green · Answer

hahahaha, thanks jesse! ;-)

Josh Green · Answer

seeing that the first 2 are free and clear, you can try to get a loan on those. max ltv will be about 75%. you can expect a rate around 7%.

credit will need to be decent as well (680+).