Updated about 6 years ago on . Most recent reply
Non Owner Occ HELOC or 15/30 Mortgage < 5.5% w Private $?
Does anyone have experience with private lenders listed on the BP database that could
conform with the above scenario?
I have a single family house I bought with cash for 35k that fully reno'd has comps within 0.5 miles for 150k. I've put about 25 more into it of my own money and I'd like to pull it back out now that it is occupied and cash flowing. There are no liens attached since everything has been cash so far.
As I looked around it seemed like lenders often wanted to be over 100k on loan amounts or rates were higher than 7%, which I could beat in five minutes by just going to penfed and getting an unsecured personal loan.
So is there a holy grail lender out there that doesn't do hard credit pulls that can offer me a LOC or a fully amortized 15 or 30 year loan for 5.5% or less for an amount under 100k or am I just pipe dreaming?