Lines of Credit

2 Replies

I'm wondering if anyone has recently been able to get an unsecured line of credit for purchasing real estate.  I know this was very doable before the crash but they seem to be hard to come by right now.  Does anyone on the east coast know of any lenders offering something like that to experienced investors?

Some of the big banks(such as Wells Fargo, CNB, National Penn to list a few ) are offering business LOC with minimum 2 years for some 5 years for others (varies by bank) in business requirement along with positive FICO & D&B records among the usual application requested data. They've added elements to meet the minimum criteria following the crash. If you read the back of the application it mentions that addition documentation may be requested per federal laws to ensure that you aren't involved in money laundering or funding terrorist activities. That's primarily for those claiming to run money service businesses. I occasionally get pre-qualification notices in the mail. The small banks may offer them as well with some of their guidelines adjusted to meet federal requirements as well.

Kudos,

Mary

I do have one, but I have a long standing reputation with this bank and keep sizable amounts on deposit to maintain status in the private bank.  I have found that you need to be a preferred customer to get these kinds of things.  It takes a lot of doing, but once you get there, your usually snowballing from there.