Does anyone have any good leads on banks that might be willing to extend me a line of credit if I deposit money into their bank? Is anyone doing this in LA for property investment?
My broker I'm working with in Indy told me one of his clients mentioned he kept a deposit of 100k cash and was able to get a 400k line of credit. I don't know what other peramiters but thought I would check here before I started calling around.
I have great credit and just bought my 1st duplex cash. My plan is to do the Brrr method and I need more capital to increase purchases.
Thanks in advance!
I think you will find it hard to find something like that here.
I do know that WF has an unsecured LOC for a max of $50k per SSN but the rate is in the mid to high teens but I have heard people talk of lower rates.
I know that some people have obtained secured LOCs with some community banks like Chino Commercial Bank.
Good luck and let me know if you find something.
Something that you can do is to get a loan on your free and clear rental property. If you have excellent credit you may want to approach a regular mortgage broker or bank. The only thing with this is that if you don't live in the property and being that this is a cash out refi they will limit the amount you can pull to 70 or 75% LTV. You may also have a seasoning problem.
If getting a loan from a regular mortgage broker or bank does not work or you need money faster an alternative is to get a loan from a private lender or a hard money lender like my company. Most private lender or hard money lenders will not charge a prepayment and you can pay it off as fast as possible.
Hope that helps. Let us know if we can be of any help.
@Juan Carlos Quiroz Zolezzi Thank you for the response!
I do bank with wellsfargo and they offered me that exact line of credit, but didn't really seem worth it. I haven't explored the hard money route yet. If you have some free time I'd like to give you a call to learn more. I'll shoot you a PM.