All Forum Posts by: Meso Stick

sorry bout that,,, my balance on the line is 400K and not 800K

thx Michelle for that, 

what I want to achieve is a ONE payment solution that is NOT amortized/mortgaged. I want a product where the interest accrued are based on the average daily balance. I would pay off this loan/line of credit with all my net resources monthly and pull from it when I have expenses such as food, utilities, gas, car....

so basically I want a line of credit that is large enough, 400K, to payoff my mortgage on the property.

So if I can find a bank/lender that would give me an 80% LTV and the property is appraised at let say 1million. My re agent say is will appraised for 1.2Mill I tend to use the lower estimate (800K).

So at 80% of 1Mill is 800K, 800K-400K (loan) is 400K open line of credit. 

I would use this line to pay off my mortgage which leave me with a maxed out balance of 800K on the line of credit. This would eliminate my mortgage payment , with all net proceed from the rentals and personal income to then put toward paying of this line/loan than pull my expenses if when needed

Would this work ?

Im not familiar with all the products that are out there so I'm here doing all the research to get ready to put my plans in place

thx again

thank you for that Greg.

im will be starting my first construction project next month. Once done the building will consists of a commercial space and 2 residential units. My construction loan of $400K will automatically convert to into a mortgage. Im looking for a bank to would allow me to convert this $400K to a first lien HELOC with max 80% LTV. This lender won't do it, TruMark my credit union won't do it.

The appraised value will be roughly $800K+.

Any one knows a bank/credit unit will to this ?

thanks in advance

Andy