But we have to have something to use as collateral to ease bank's mind, right? 

@Bruce Woodruff small claims are maxed out at 12k, but I had so much evidence that I convinced him, if he didn't want to lose 50k, he would pay 6k extra and sign a contract with his car as collateral 

When you need some capital, write a check from your LOC account.You just blew my mind thinking of other assets to buy as collateral for lines of credit, Justin. 

It's quite likely this is just part of their standard procedure (as you mentioned all banks want statements from your checking and savings...) and perhaps they don't give the 401k statements too much scrutiny or weight regarding loan decision since the 401k can't be used as collateral for the loan.

https://www.irs.gov/newsroom/interest-on-home-equi...To me, that makes it clear that interest cannot be deducted when using a HELOC or home equity loan to purchase an investment property, as that is not the home that secures (is the collateral for) the loan.Perhaps one of the tax experts here could chime in with the latest ground truth.

The property has no mortgage and they are willing to do a joint venture with me and establish a buy out clause when its feasible.the plan.has a house on the property but buildable lot already approved for 4 additional units.I'd use the property as collateral for the build on a construction loan.looking to get some advice from structuring the joint venture, and I'm also working with a lawyer. 

Therefore the collateral would be the lot itself valued at 400-450k.

The Limitless Funding website's official information states, "Limitless Funding Source xxx-xxx-xxxx, xxxxxxxx, Jacksonville, FL 32202From website No collateral is needed to qualify for a loan.

You must have your collateral account which must hold within it 150% of amount you wish to bid on/with.   

I'm just collateral damage.