Updated about 3 years ago on . Most recent reply
Portfolio Equity Lines of Credit
Hi BP crew!
I am a new-ish (4 properties total) real estate investor and am getting to a point in my portfolio where I am needing to start leveraging other lending options. I learned about a portfolio equity line of credit but was just recently declined by underwriting from a local bank. They mentioned the only way they would be willing to do a portfolio loan is if I moved all of my home loans under them. That being said, I am still very interested in getting this credit line, but would prefer not to move anything at this point if I don't have to. So, a couple of questions:
1. Is it common for banks to request movement of existing loans to be able to be able to accomplish portfolio lines of credit?
2. I am local to the Nashville, TN area and was wondering if anyone knew of any lenders (local or non-local) who would does portfolio lines?
Thank you all in advance and am looking forward to learning from you guys!