All Forum Posts by: Account Closed

@Matthew Banks. I was able to get a PLOC with BBVA Compass. They go up to 75k unsecured and no income verification as long as you have a good credit score. I would be happy to refer you to someone just message me.

Welcome to the Bigger Pockets family!

I agree Dan if you are only going to have a small portfolio. The difference between private money and conventional is that private money does not report to the credit bureaus. Investors with large portfolios do not want 20-30 mortgages on their credit report. It makes it difficult to finance more properties and if I remember correctly, I think there is a limit to the amount of properties you can own under conventional programs. With private money, there is not. They typically set up as LLC's. Additionally they are no income verification loans and require substantially less documentation. Private money isn't for everyone. I haven't funded any conventional deals in a couple of years. It used to be 12 months seasoning for cash out on FNMA.

@Dan Valiente it's typically 3 months seasoning for private money. Rates range from you 4.5% to 6.5% depending on DSCR, credit score, and LTV. I am referring to no income documentation loans.

@Paolo G. Welcome!

@Jessie Randolph Welcome!

Typically 3 months to use the full ARV.

Your welcome to email me.  I would be happy to walk you through the options out there.  There are options other than Conventional and balloon payments.  

There are programs with 3 months seasoning for cash out at full ARV. 30 Year fixed, 3 Year Prepay.