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Updated over 8 years ago on . Most recent reply
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Robert HetslerPoster
- Qualified Intermediary for 1031 Exchange"
- Jacksonville, FL
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Need referral to private money lender
I hope someone can help offer some financing options for my situation. In short, I own 8 separate self-storage facilities, most of whom have a first mortgage on them but all of the ones with first positions have at least 60-70% equity. Between all of these facilities, I have about 5 million in equity but they are mostly held in separate LLC/Corp but I am 100% owner in all of them.
Additionally, I have 6 condos/townhouses, a self service Carwash, some warehouse space, and residential /commercial property free and clear. The issue is pulling any equity out of these properties has proven to be impossible because of being self employed with the new banking regulations. Probably another million in equity there but my goal is to secure a $500,000 loan or line of credit which will allow me to do some expansions and secure some additional properties. I am happy to put any of the property up as collateral so anyone who has any solutions or suggestions, I welcome them.
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I heard a podcast that you may find very helpful. It was Real Estate Investing Profit Masters Series with Cory Boatright Episode 28. The interview was with Clint Coons. He talked about ways to structure that are attractive to banks. Have a listen. It made perfect sense.