Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago on . Most recent reply

User Stats

35
Posts
30
Votes
Ken Vingua
  • Oceanside, CA
30
Votes |
35
Posts

Searching for Business Lines of Credit or HELOC

Ken Vingua
  • Oceanside, CA
Posted

I have been searching for a way to get access to lines of credit to use for REI for a few months now and have had no luck. I have contacted local and national banks and gone through several initial applications only to be told that they do not have a program that meets my needs. I have 5 SFR properties strung out in 4 states, thanks to military investing. I am also awaiting the sale of one of my flips and in the rehab phase of another. In my SFR portfolio I have approximately $300k in equity with $200k in a single property.

My goals are to continue flipping homes with my partner in the Chicago area and purchase multi-family properties for my rental portfolio. I want access to lines of credit to give me the flexibility to close on rehabs quickly, take "cash" to auctions, and fund rehab costs until refinance or sale. I would take either a real estate secured LOC or unsecured business LOC. My challenge has been in finding the banks that can do this. I have not been able to establish myself with a local bank because as a member of the military, I am not local for more than another year. National banks have been unable to meet my needs. I have been quoted a few portfolio options but the terms are far worse than the conventional loans that I currently have on the SFR portfolio.\

Is there an option out there that I may be missing? Any REI banks/credit unions that BP members have had success with in establishing a LOC? I have my team and system in place to progress my business but I need some help in lining up the right financing strategy to get to the next level.

Loading replies...