Updated over 6 years ago on . Most recent reply
LOC on Rental Properties
Hello BP members.
We own 6 properties free and clear in Lake County IL. (4 condos and 2 SFR). The total value is about 1.1 million. The properties were purchased through a 1031 and are held by a single-member LLC. We tried to obtain an equity loan on one of the SFR though 5th 3rd Bank after closing last year but the loan app was rejected due to the single member's DTI. The single member is a retiree. The bank would not consider the properties as collateral at that time as they all had just closed and all vacant. The properties are now all leased. We'd like to use the equity of one, or all the properties to cover repair and carry costs incurred prior to leasing the properties and to finance additional properties. Any information on paternal lenders or in general would be greatly appreciated.