Bank Question?

Question

Ok, if you read my blogs earlier I am rif a rental property sfh that I bought cash. No bank wants to do it ...they'll do a line a of credit on my house that I live in or do a conventional mortgage on a house that I want to purchase. How do I get around this?..on my third bank today.......................errrr  everyone said to get a RIF on a property that I own free and clear.......not working very well forme this morning...

Barbara Long · Answer

Im sorry, im used to short cuts..texting..lol.  refinance or maybe that was a typo?

Mike H. · Answer

Whats a RIF or RIF loan?  I've never heard of something like that.I googled RIF loan and got Railroad improvement Financing.

Do you own a railroad? :-)

Are you talking about a HELOC?  Getting one of those on investment properties can be difficult. Keep trying the local banks. One other option would be to just get an investment loan on the property.

And if you don't need the money but want the LOC, then take the loan proceeds and pay down your primary residence. Then get the HELOC on your primary residence instead.  Nice thing about that is that it is tax deductible.

But I still don't have a clue what a RIF is.....

Michael Barbari · Answer

@Barbara Long If you lived in IL, WI, or IN I could have done it! I hope you find one.

Barbara Long · Answer

When going for the RIF they want to know what I'm going to do with the money? So maybe I am not exactly saying it right to get that kind of loan from the bank?

If you were going for a RIF loan on a free and clear cash SFH owned rental property,,,,,then please tell me how to talk to the bank to get it!!!!  When I'm talking with the bank I tell them I want to borrow 75% of the equity on the home? is that correct?

Well, they don't seem to get it!   ERRRRRRR

Barbara Long · Answer

thanks Rolanda, I did try my community bank. He also wants to do a commercial line of credit against the house . I want 75% of the equity monies! I think cause I'm a woman (sad face). and lol- at the same time

Rolanda Eldridge · Answer

Try small community banks..it might take ten banks, but don't give up....Talk to other investors in your area..