All Forum Posts by: Alex Stepanov

 Thank you James! They are great

Hello friends,

I am trying to take out a HELOC on one of my rental units (which I own free and clear), and for some reason I cannot find anyone who would be willing to lend. To be specific, I am NOT looking for private/hard money, nor for a conventional mortgage, I specifically want flexibility of HELOC. But for some reason, every bank I tried turned me down because the property is a rental. If you have had any success getting LOC on your rental, could you please share?

Thanks in advance

Alex

Thank you Greg! The main concern here is that such mod potentially may be viewed as "origination" with all the regulatory and compliance consequences that come with that. In our case, HELOC is junior and the first is current and happy, it's just the regulatory side of things that I am a bit concerned about...

I am not considering selling so I don't see what the balance and rate has to do with the question? The question on hands: are we allowed to mod HELOC to fixed?

Greetings everyone!

We have a borrower with HELOC on hands and the loan matures in about a year. The borrower would agree to modify the loan as long as the payment stays roughly the same but I am not sure if such modification would be allowed - switching from LOC to a fixed mortgage? Would it be considered "mod" or origination of a new loan? Any advice is very much appreciated.

Cheers
Alex

Hello Friends!

We have a bit of a run trying to track down the senior lienholder on the property. We are holding the 2nd note and the 1st one was sold or transferred and now we have no idea who/where to - the credit file shows "sold/transferred" and O&E report doesn't help a whole lot either. What other ways could we try? How do we go about searching for the lienholder?

Thanks

Alex

Hey BP friends,

I'm looking for help with working out some of my notes, ideally starting as a vendor and as things move forward, we might discuss some other arrangements. Could you please spam me with a few names?

Cheers
Alex

Kurt Davis runs a Memphis turnkey operation, he could help you over there should you decide to go to further south.

bump...

Welcome @Rob Hoffman! It's a great place to be - please feel free to reach out if you have any questions.

Cheers,
Alex Stepanov