I have come across a company that I found on graiglist called The Funding Group based out of Jacksonville Florida they help you get lines of credit using credit cards you have to have 650 credit score or better I filled out the form and they told me they could get me 100,000 in lines of credit They said this is a better way to flip houses than using hard money They charge 10% on what ever they can get you this is a one time fee . It sounds like a good deal ,but I dont know if this is a scam I have tried to look up info on them and can not find any Has anybody heard of them or knows how to check them out .My plains were to buy a house with the lines of credit and then refinance to pay of credit card and then do this over and over Is this a viable plain or not thank you for any input Bob Murphy
I would pass on that. Any line of credit "they" can get you, you can get on your own since after all, you would be the one qualifying for the loans. Getting a line of credit is actually very simple. It's based on your DTI and your ability to repay, credit score and blah blah blah. I couldn't see paying someone $10,000 for getting me $100,000 LOC. Just doesn't make sense to me.
Pass, better to get 1 loan with your credit score, than to run up debt on many cards.
I am not familiar with this company nor have I ever heard of this type of lending. My concern would be your exit strategy. If they charge your CC $100k your DTI will be affected and you may not be able to refinance.
Why would you not just get a loan on the property in the first place - the lending requirements are the same if you buy new or refi
I am not a lawyer, but I am pretty good with contracts. You can PM me and I can read it over if you want.
@William Brace Thanks for your input
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