John, I most certainly will write to them. I can't do a thing about speaking to them. An array of recent events sent me over the edge. Sloppy, unprofessional events. I just need to use my better judgement and decide how to word it. A great source just the other day informed us, the bank is 99% loaned out and can't make anymore loans until they free up some money. Not really understanding that side of things, I'm not sure of why. They said all the local branch's can't make a single little consumer note on anything unless they call the regional Pres. This also came from "the source". We've always relied on our scores to keep loans going over the past 10-15 years. I've hated being under one banks mercy and this now has serious consequences. Being loyal to them, has cost us our credit. If we had another line somewhere else, they would have possibly caught it. I've not viewed our credit since we started rental rehabs a year ago. The last person we should worry about hurting our credit, is our banker, right? Now with the lower credit and (you are right on with your guess) and a high dti I'm feeling pressure. Now we've always been self-employed with the exception of one full doc small salary (10 days a month). One bank said they would talk with us if we moved everything to them. Again, at the banks mercy. Another said they would basically expect it too. This last bank is very tempting. If they can give me some type of guarantee (although nothing is a guarantee) that they won't stop us in our tracks, I would be 100% game. I'm crushed our bank has put us in this position. But... not near as crushed about killing our credit instead of protecting us. They should had known how to structure this on our credit under a skill, right? If S. Williams can better explain, it might help me with my letter. Should they had known better than to just do a revolving without setting up as a trade?
S. Williams, you are correct on the revolving. It's all under us personally and I have not a clue you could list it under a trade line. I'll have to figure out the details of this and hopefully correct it with the new lender.
I've dreamed about a 775ish score, thinking this would help prove our stability and give anyone confidence in us, and now look. We do this for a living. It's our main bread and butter. We built a few customs per year, for 12ish years and with the "new" market we quickly switched gears. We've had a great year. Very physical and non-stop, but knowing we are hitting it hard for 3ish years will give us comfort. 100 times less stress than picky, greedy, can't make up their mind, wanting 10 changes a week, but not wanting to pay for it customers. Not to mention, these are still mine and not needing to be perfected for tenants. We absolutely love it. It's what we know, it's in our blood, it's not a challenge, we just love it. I haven't seen DH so happy and relieved of stress in years. We're on the same page at the same time. The stress is all in the financing. It's a constant worry about financing 35-50 small rentals. I have so many question about reaching our goal quicker by increasing volume, but now I'm stuck worrying about getting all the money we need to get there. The thought of paying a high percentage for private funds makes me ill. This means more time, work and less cash flow. We are trying to stay as close to the 50% rule as possible, as quickly as possible. Lots of random early morning thoughts here, hope you don't mind. If I've repeated than I'm sorry, I'm running back and forth to the laundry room and office. It's hard to pull yourself away from biggerpockets. :)
