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Updated almost 8 years ago on . Most recent reply

Kent Fales's profile image
Kent Fales's profile image
Kent Fales
  • Investor
  • from Frontenac, Kansas
  • Member since Feb 24, 2017
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Kent Fales's profile image
Kent Fales's profile image
Kent Fales
  • Investor
  • from Frontenac, Kansas
  • Member since Feb 24, 2017
Connect
Kent Fales
  • Investor
  • Frontenac, KS
1
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Creative Real Estate Financing

In Contract, Down Payment in Equity, Bad Credit, Bank won't lend

Kent Fales
  • Investor
  • Frontenac, KS
Posted

In contract for 20-unit apartment complex. Before starting, bank advised that I could use cash reserves to purchase real estate outright. Then they would give me LOC based on a percentage of equity. President stated credit would not be a deciding factor. I should have known better. Although I have the down payment in the form of equity and I would need to use less than 50% LTV, they say they can not lend due to my credit. Any suggestions?

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