Updated over 11 years ago on . Most recent reply
Seeking commercial loan/line or home equity loan on investment property to purchase Indiana Rental
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?



