All Forum Posts by: Chris Potthast

Thanks for all the feedback and the heads up about BB&T/Truist. I actually had a HELOC application at Bank of America but they projected a turn-around time of up to 4 months. After meeting someone at a networking event in Dallas, I was referred to Comerica where I worked with a team in California who got everything done in about 2 weeks. We were then able to continue the work on the property with the available funds.

 Yes, we have looked into private/hard money lenders. The challenge is finding a lender willing to take on a second lien position. If you know a lender open to that, I'm open to discussing with them.

Hi Bob. Yep. That's the challenge and why I was reaching out for a possible solution. The waiting period for the HELOC approval means additional carrying costs so we are trying to be proactive to find a solution where we keep the renovations moving forward. Yes, proactive would have been to be accurate with the estimate of repairs and have the HELOC in place but that is hindsight at this point. Lesson learned.

 Hi Erik. We plan to sell ASAP when repairs are finished. There is an outstanding hard money loan on the property too. Do you know a private or hard money lender who will work with us?

The repairs have far exceeded our budget. HELOC application is in progress but a VERY long lead time. Looking for financing to keep repairs moving forward. Any suggestions?