Need Equity loan(s) - portfolio - equity loan
Good morning,
We are experienced operator with very little experience with equity loans or heloc......never done one. I Have been floating ideas for several years to guys that have experience with how to use my equity to do deals. no progress on that front. Now maybe we are more ready. Finally, the last 12 months i have i refinanced most of my stuff into favorable loans that maybe i can take a second and somehow tap this equity to do deals in this impending buyers market. I am a long termer, so don't need anything immmediately..........but if its there i could move immediately. My wife and I are mom and pop investors with well over 100 deals successfully completed. We both hover around 775 to 800 fico's. We own our current properties in 12 year old California LLC. We self-manage all our properties.
We have a 10 unit - with $1M in equity - 10 years self manage - 4 years into Chase 5 year at 3.71%
4plex - $300k in equity - 2 years self manage - 8 months into 30 year fixed at 3.5%
Triplex - $400k in equity - 50% partner with daughter - 3 years self manage - 30 year fixed at 2.99%
SFR - $300k in equity - we live in house - 8 months into 30 year fixed at 3.5%
looking for an expert to help us navigate, and put this equity to work.
thanks for your time
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Have you talked to Chase about doing a line of credit on your 10 unit?
Hi Rudy,
In case it can help w/ your funding plans, you might also consider unsecured funding. Funds can be used for down payment or gap funding, as well as 100% funding of a purchase. These can report to your business credit and therefore not show on your personal credit.
Be happy to connect.
Best,
Dave
Quote from @Dave McIntyre:
Hi Rudy,
In case it can help w/ your funding plans, you might also consider unsecured funding. Funds can be used for down payment or gap funding, as well as 100% funding of a purchase. These can report to your business credit and therefore not show on your personal credit.
Be happy to connect.
Best,
Dave
Hi Dave, what are the terms and conditions, interest and fees of such funding?
Hi Austin,
So there are no up-front costs or fees but the lender does charge a 15% success fee for whatever they get you.
On the term loan program that goes from 25k to 300k, the interest rate range is high single digit to higher teens in annual interest. Repayable over 5-7 years though which is very good.
Pls feel free w/ any other questions/comments.