Equity problems for the rookie

3 Replies

I own a property in Pensacola and the mortgage has been satisfied. The house is completely livable 3bdr/2full bath with no floors(just concrete) that would probably appraise around 40k. I'm looking to get some equity out of the home to be able to have some cash to do my 1st deal. Pen Air ran my credit and apparently my debt to income is still an issue with them even though I have a SATISFIED MORTGAGE as collateral for the loan/equity line/ whatever. I've also NEVER BEEN LATE ON ANYTHING EVER. Please help with ideas that could help me fund my 1st deal. I would greatly appreciate any information that I may use.

Well from what you say I assume you mean you have asked banks and the banks come back with the fact that your credit is good but your DTI is too high. I would try as asset based lender , there are many. You should be able to look them up on the internet. Frankly I am surprised you have not been solicited by any up to now since they advertise heavily on the internet but if you do a search word," Asset based lenders" or simply lenders you should be able to find one in your area. They will lend based on the value of your home and your good credit without too much of a problem. You can try becoming a PRO member here on BP and access the private lenders listed or you can try a Hard Money Lender as well. You should have good success in finding a lender.

Thanks Gilbert. You're information is greatly appreciated. I will look into that. I also own a home in Hammond, IN and would like some ideas about my options there as well. 

@Gilbert Dominguez is correct... ask other lenders.

Different lenders have different criteria. 

This gent will tell you as much.

Best of luck!

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