Creative Real Estate Financing
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago,
Need Equity loan or LOC Fast
I have about $150,000 in equity in my four rental properties. I have about $200,000 of equity in my primary residence. I tried to get a $90,000 line of credit and was denied. The big reason I was denied is because I have an S corporation and do not pay myself much more than the bare minimum of what I need to survive. Even though I have almost all of the $90,000 liquid I was still denied by two banks.
The market in Colorado is crazy right now and I cannot find the deals like I have found when I purchased my properties. I am about to list my properties to use the profits to start a franchise. They are going on the market very soon unless I can get approved for a line of credit or equity loan real quick. I really want to keep them but in-order for me to stop leaving my family and working out of the country, I need to start the franchise with the money from my properties or from the line of credit. Any suggestions?
Thanks !