Would anyone be able to offer some ideas or contacts regarding loans/financing? We are looking to purchase in the Charlotte, NC and surrounding area. We have considerable equity built up in a number of rental properties and would like to leverage that to our advantage.
In a perfect world we would like to acquire a revolving line of credit minimum 200K that we could make use of when needed and not pay finance fees until it's used to purchase or rehab.
Any advice regarding loans, financing, holding properties and or acquiring mortgages would be welcomed.
Jim & Josh
P.S. We are always open to network!
@Jim Kalish have you met with any local real estate networking groups in your area? Also, it might be good to post this in the North Carolina forum or perhaps the commercial forum. Receiving individual cash out loans on each property will be pretty straight forward but a credit line over all the properties might need a local bank in that area. Hope this helps in some way. Thanks!
Jim have you spoken to anyone at Corevest? They will create a line of credit as you describe, I think the minimum line is $500k. I have a contact there that I could share with you via message if you are interested in speaking with them. Website www.corevestfinance.com
Hi Brent. Sorry for the late response. Definitely would like that contact info.
I want to thank everyone who responded to this or contacted me directly. So I refined what I felt was a great idea. Refi the loans I have in my name into a portfolio loan in the name of our LLC and then tap into the equity on all of our properties in the form of a line of credit. I would have immediate access to cash so I could make cash offers but not have to pay on that money until I used it. 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 ot 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.