Reached borrowing limit with my lender
Hello Friends,
I have been buying foreclosured properties for last couple of years using a local bank in the area. Most of my purchases are sight unseen In class A/B neighborhood and often they are occupied properties and I buy them under my LLC. They offer 5 year note wIth 4.5-5% Interest rate whIch Is not too bad. So far, I bought few properties with their help. They require 30% down payment.
Being a small bank, they are not comfortable lending me more than certain amount at this time even if all the properties are positive cash flowing and I contInue to put 30% down.
This is going to slow me down significantly. I am looking for ideas and suggestions from more experienced people on this board on how to secure fInancing for future properties. I am not a fan of hard money loan at very high interest rate.
Any direction you can provide is greatly appreciated.