Trouble Finding a Commercial Lender Willing to Open LOC
Last year we cross collateralized our portfolio into a line of credit, unlocking the ability to make cash offers on properties and spin them off into mortgages later. This has really accelerated our growth. My brother-in-law, who has much more equity then we do is having a hard time finding a similar product in the Denison/Sherman Texas area. This is surprising to me because that market is much larger than the one we invest in. Any tips on where he should be looking to find the right institutional partner?
Hi Amy, if he has an LLC that is at least 2 years old, I may be able to help with unsecured business lines of credit. If he wants and LOC collateralized by his properties, a relationship with a local bank or CU may be the best option. Feel free to DM me to chat more.
Are you working with any mortgage brokers who specialize in scaling businesses? or any at all? There are at least three I work with who are still doing warehouse LOCs for scaling businesses.
Texas is an easy market to lend in too. They do have minimums to meet in order to qualify for these programs...
Cheers!
