Updated almost 9 years ago on . Most recent reply
Unsecured LOC
Hi, all!
My business partner and I are looking into using an unsecured LOC to purchase our first buy-and-hold investment property. We don't have a lot of "skin in the game"; however, our FICO scores are above 730 and have a combined annual income of over 175k. We've set up an LLC and plan on using that entity to purchase our rental properties. Currently we're developing a business plan to present to different lenders and would like an experienced input.
I've been doing my fair share of research and the general consensus seems to be to go with a bank that is small and local. Does anyone have any experience securing an LOC of 100k? What are some things that would make our situation more attractive to lenders?
Thanks!
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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
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The idea of an unsecured line of credit for $100k is frankly delusional at this point. Banks give unsecured lines to established, on going businesses that have a track record, and usually a relationship with that bank. Not sure why you think a bank would give you an unsecured loan to buy real estate, as opposed to a mtg.