PLOC Bank Referral Needed

[James Marszalek]

Hello everyone! 

I've got a single family rental in Spokane that has positive cash flow. I'm interested in getting a Secured Line of Credit for about $1,200 to accelerate the mortgage so I can pull a HELOC later down the road. I'm having trouble finding banks who offer a true simple interest revolving line of credit. 

My credit is locked up thanks to a defaulted business loan from 2012 where we had to close the doors. I'm still in negotiations with the SBA to settle. I'm a licensed real estate agent, so my income is variable. Thus, a cash secured line of credit is my best option. I will use the cash flow from the property to utilize this strategy. 

Can anyone give me an idea of what banks I might talk to in order to get a PLOC? Thanks! 

I'm located in WA State, but I'm open to chatting to whoever can offer the terms I need. 

[William Newman]

I was just approved for a line of credit from BECU.  Very friendly people and easy to work with.  Besides that, try banks you have or have had some sort of account with.  Doesn't matter if it's a credit card or a savings/checking account.  A bank is much more willing to lend money if you've been a customer of theirs in the past.  Good luck to ya!