I would love to hear from others what sources they use to get capital to buy more deals (rentals or flips)? I know about getting a HELOC, mortgage, cash our refi, portfolio loans etc but what about personal loans through Lightstream & SoFi? I have used LendingClub & Prosper before but they charge too much...
I have heard you can get up to $100K personal loan through Lightstream for a longer period of time...anyone ever done this?
SoFi preapproved me a $100K unsecured credit line for I think 10%
The issue that you will run into with an unsecured loan is that the money has to be seasoned for 60 days in your bank account before you can use it on conventional or government loans. If you can do that, and we count the monthly payment into the debt ratio, you should be fine from there.
Some portfolio loans also underwrite to some of the conventional guidelines, so some portfolio do and some don't? For the ones that do, the money will need to be seasoned 60 days.
I hope this helps.
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