I own 5 properties free and clear , they have been rented between 2 years and 9 moths , people pay on time , no issues. Personal credit is not that great. and properties are purchased under LLC. I heard that some banks will use rental income alone without using personal fico score. mine is around 600 , down due small 25 dollar payments missed.
I am looking for a lender that will do a mortgage in Illinois , I live in California , and properties are under LLC.
Each property worth about 80 K , looking to cash out or do a equity line, I want to buy more properties with the money.
help would be greatly appreciated .
I have been able to negotiate with my local portfolio lenders to agree to supply loans on properties that are outside of the geographic region.
I would encourage you to talk to some local portfolio lenders (i.e. bank loan officers) in your area and explain your venture and bring your professional portfolio to show them how you have successfully operated those in the past.
With the line of credit that you should be able to pull from your other properties and depending on the leverage you're looking to position, you may have a good case for a lender to work with you if you ask enough people.
Thank you sam, I will work on that. I tried local lenders in the area where the properties are located but they usually had issue with me living out of state , or keeping properties under llc. i have tried large local banks but they had problem putting me in commercial department as the properties are single family. but have not tried local portfolio lenders where i live, i will try that . thanks for your help.
For conventional financing the mortgages would have to be transferred into your personal name. You are not too far from the minimum credit score requirement of 620 for the first 4 mortgages.
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