Originally posted by @Danny Grey:OP, are you aware of SB330 and SB50 working their way through the California state senate and key committees now?

Just a little humor there but one thing too is that since the subject came up about banks and writing pre-approval letters, etc one goal to have (and I'm not certain here and don't have time now to read the posts again, but it sounds like you don't have the HELOC yet, BUT you at least think you've got a fair shot at getting one-i.e. no awful credit score, no bad customer rating at the bank(s) you bank with, etc) it is GREAT if you can build a relationship with the bank and often the smaller banks (like a regional or local to your metro area sized bank or smaller size bank) are better at this vs the MEGA BANKS, but sometimes if you find the right people at the MEGA BANK they can play ball too, I'd suggest a smaller bank though, if you can build a relationship with them and really often with one or just a few key people there, that relationship over time can pay dividends far beyond just the rigid "rules for lending and biz loans" might lead many to think.Especially in the regional and smaller banks, they'll usually have a loan committee that meets to go over any somewhat substantial biz loan and maybe in a few years or 5, 10 years-whatever time frame you've learned the ropes and pushed ahead and now have this ball rolling and are really ready to make the jump to something not just the next step up, but maybe several steps up, having someone or a few people on that loan committee or who have the ear of the committee saying "Hey this John Ford's a smart, hard working, organized guy who just always makes things work, he deserves a little extra look here for this next loan, I think he's a risk worth taking, solid guy!"

They show you how to become a Broker for your deals...to make the Broker fees...75% of ARV is what is typical to approve a loan... it is the down payment that is the troubling issue...and it is determined on points and interest rates...they say not credit score...but they will pull it to determine your credibility...if it is refused they do have a committee to review for majority vote, you just need to ask....Which is kind of contradictory to their anyone can do this from any playing field...I do not believe this...it is unfair advantage to need 6k or 20k or 35k to secure your real estate future...yes it is probably worth it...but If you don't have that money and you cannot fly all over because of other obligations...then your out...???

The bill, HB 245 sponsored by David Schweibert, is currently in committee.

@Calvin T.He’s likely making a minimal AM fee, I’m sure 100bps on committee equity and I’d guess he’s just banking on the carry/promote when the asset sells.

Expect this to spread throughout the state like wildfire, multiple other municipalities already have drafted similar bills and are just waiting to put it to a vote, and there was already a state-wide bill drafted in 2019 that is still in committee, this is highly likely to become statewide law no later than 2022.  

I really don't know, but I don't see how one man, or one committee determining what interest rates should be for an entire country, can be a good thing.

If it is not profitable For BP to coordinate this event then we should form a committee called "Fall 2016 BP Meet Up" There has got to be enough skills here on BP to get it done.

update on this:    the rent control prohibition repeal ordinances (house and senate version) introduced for 2018 in the WA state legislature both failed to get out of committee.  

That may be okay so long as the insured knows who is accountable and has the opportunity for direct communication with the decision maker so it's not some faceless secret committee.