How to get an Unsecured PLOC?

[Connor Mckelvey]

Hey Folks!

I’m 27 and I own two cash flowing rental properties. My income is roughly $170,000 pre-tax from my W2 job including salary, bonus and stock + income from my properties. I have 0 debt (besides the mortgages on my two rentals) and my credit score is around 790-800.

I'd like to get creative and do more value add / BRRRR properties, but in the market I'm investing in, scooping up the property with a cash offer is really effective.

When buying turnkey/tiny fixers, I just finance with conventional loan of 20% down. But I’d like to try to accelerate my acquisitions.

An unsecured PLOC would allow me to buy in “cash”, rehab, and refinance. At ~11% interest, this seems like a dream. Especially, since I could recycle the PLOC a few times over the duration of the line.

The problem is, for some reason I can’t get approved! Over the past year, I’ve applied for a PLOC a couple of times with banks like Wells Fargo and Suntrust that advertise unsecured PLOCs up to 100k (plenty for my market) and I keep getting denied.

Anyone out there have access to a PLOC and have any tips? I feel like I have the income and the credit, but I can’t seem to get ahold of what I need.

Thanks for any advice.