Line of credit on a portfolio?

Line of credit on a portfolio?

Investor · Carolina Beach, NC · Member since 2018 · 188 posts · 377 votes

I’ve got a good friend that approached me recently asking for help finding some lending, so I’m bringing it to my BP Braintrust for networking help.  My friend is a very successful custom home builder and investor in NC, he has a large portfolio of rental properties that he owns free and clear, and has had a line of credit on the portfolio with unbelievable terms for 10 years+.  Wells Fargo was giving him a $5 million line of credit, interest of 0.75% below Prime.  He used this to fund various builds and projects through the years and always paid it back.  Last week, they reached out to him and let him know they would be Sunsetting that product and it was going away, with no other clear alternative.  He went and met with Corning Credit union, but they are capped at like $2 million.  His plan is to just have the equivalent of cash on hand so that we can do some deals together over the next few years, especially as there is a looming recession on the horizon, his belief is that cash will be King.  his portfolio has appreciated quite a bit, and he’s looking for a lender that can do a $5-10 million line of credit that’s secured against a large portfolio that is free and clear and cash flows very well.  Refinancing into a portfolio loan is not ideal, we’re specifically looking for a line of credit that can be invested and paid back, and invested again, he has some pretty big goals and is extremely talented.  Anyone have any strong leads or products to offer?

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  • Lender · rate.bid · Member since 2022 · 324 posts · 62 votes
    4y
    @Clint Harris
    If you are looking for funding, you can send a private message with details regarding this.
  • Investor · Carolina Beach, NC · Member since 2018 · 188 posts · 377 votes
    4y
    Quote from @Frank Greg:
    @Clint Harris
    If you are looking for funding, you can send a private message with details regarding this.
    I’m not, my partner is, but he isn’t looking for hard money, he’s looking for a $5-10 million credit line leveraged against a large portfolio.  
  • Lender · rate.bid · Member since 2022 · 324 posts · 62 votes
    4y
    @Clint Harris
    If you are looking for funding, you can send a private message with details regarding this.
    I’m not, my partner is, but he isn’t looking for hard money, he’s looking for a $5-10 million credit line leveraged against a large portfolio.  

    We are not limited to alternative commercial real estate but also deal in traditional business loans and lines - secured or unsecured. 

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