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Updated over 11 years ago on . Most recent reply

User Stats

60
Posts
19
Votes
Steve A.
  • Indianapolis, IN
19
Votes |
60
Posts

Seeking commercial loan/line or home equity loan on investment property to purchase Indiana Rental

Steve A.
  • Indianapolis, IN
Posted

I am attempting to purchase a property in Indiana for roughly $30,000.  I quit my job recently, so I have no W-2 income.  I have a rent roll of about $9,000 a month on very conservatively leveraged or paid-off properties.  I also own a profitable business, but can only show one year of tax returns for it.  I have been unable to find anyone who can finance me.  Wells Fargo turned me down for a line of credit on one of my paid off rentals.

I am looking for places that do:

Lines/loans on paid off investment properties, other than Wells Fargo

Or

Commercial loans for single family rental purchases

Or

Lines of credit for investors with a portfolio of 15+ properties

I can handle an LTV up to about 35%, a term as low as 15 years, and a rate as high as 10%...my credit was 780 last time I checked.

Does anyone know where to go to get this house?

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