Hi BPs. I hope you will forgive me if I'm in the wrong forum but this is only my second post. I have mortgages on 4 properties, all of which are in my name. I've had these properties for 6-8 years. But I want to expand my portfolio both for holds and do some more flips. What banks or other lenders are there that would refinance all of the mortgages into a single loan in the name of our LLC. Once refinanced we would want to establish a revolving line of credit based on the equity. Our thought is we would use the line of credit to buy and rehab both the buy & holds and the flips. We would then want to roll the buy & holds back into the single mortgage, freeing up the line of credit again. If it matters I'm in the Charlotte, NC area. The properties range from single family to a tri-plex.
Thanks in advance for you advice. And please feel free to send me any other thoughts or ideas you may have to help.
Well, it might be a neat idea but I've learned that its probably too good to be true. Everyone I've talked to explained that there isn't much chance of anyone just giving me access to a few hundred grand to use the way I want. I guess I can understand that. Even if I'm conservative and only go after really solid deals the next guy might decide to use the line to go to Vegas. So I guess I'm back to doing the old fashioned way. Thanks again and good luck in your investing.
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