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Updated over 9 years ago on . Most recent reply

User Stats

212
Posts
53
Votes
Paolo Ruggieri
  • Lender
  • USA
53
Votes |
212
Posts

Line of credit on multiple properties

Paolo Ruggieri
  • Lender
  • USA
Posted

I own 9 properties free and clear all rented. Values approx 50k each -450k in total

I have perfect credit, great assets (300k+ cash) and very good income (both rentals and w2)

I would like a line of credit 250k (60% loan to value)  using 9 properties as collateral 

I would use the 250k line of credit + my 300k+ cash to purchase fix and flip deals and/or lend hardmoney 

Does anyone have a contact to suggest for such line of credit?

Banks I talked with do not like having many small properties for collateral and want  to charge me huge amount in 9 full appraisals and points ... I would like a bank that charges very little/nothing for closing/underwriting and is ok with broker opinion drive by desktop appraisal... I am ok with a higher interest rate

Do you have any contacts?

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