Person looking to borrow against the equity in the notes

[Sean Mcintire]

I've got approximately $3.2mm in unpaid balance in 52 notes that I’m looking to get a loan on. Most are 10% interest with a 30-year term. The notes range in age from 2014 to present with the majority of notes created between 2017 – 2019.  They are almost all performing notes. The notes are on residential, owner-occupied properties. I'm looking to borrow against the equity in the notes.

My credit is over 800 and I have about $180K in reserves.

The loan will be used to acquire new property and for rehabs.

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Is this even possible?  THanks.

[Chris Seveney]

As @Tracy Z. Rewey has mentioned you can get lines of credit from a bank. They typically look for companies that have been in existence for several years and have a nice P&L statement. There is a risk such as a personal guaranty on any type of loan from a bank today. 

I am curious about what changed your mind to get back into notes? I saw you posted two days before this post that notes were too expensive and you were waiting for 2023 and that you were doing fix and flips in several states. That is one hell of a change in business plan in two days.