All Forum Posts by: Travis C.
Travis C. has started 24 posts and replied 137 times.
Post: Personal Unsecured Loan
- Investor
- San Antonio, TX
- Posts 145
- Votes 61
Quote from @James McGovern:
Run away from banks and pursue private money loans
Post: Personal Unsecured Loan
- Investor
- San Antonio, TX
- Posts 145
- Votes 61
Quote from @Ke Nan Wang:
There are few factors here, yes I was recently denied on a loan as well even everything looks great 800+ credit score and high cashflow, our DTI is definitely below the threshold by a margin if the underwriter understand our operations.
These are my speculations of what might be going on:
1. Factor 1, many underwriters worked for a lender don't know better. I personally don't know what's the qualification to be an underwriter for a bank but we have experienced where my accountant needed to hold hand with the loan officer, who plays a telephone game with the underwriter, and help them to interpret our financials. In one incident, we felt like the underwriter had made up their mind about denying us from the getgo and were just come up with reasons or excuses to deny us.
2. Current economic state, definitely feel like this year lenders have tightened up their lending practices.
Possible Solution for you:
One lender denies you absolutely doesn't mean others won't be glad to lend to you. You need to talk to other lenders, banks, especially smaller local ones who you have a close business relationship with. I know the local bank that we bank with they are very lenient with their requirement with us. Their loan officer is an actual CPA, and he absolutely understands our financials my accountant loves dealing with him. They only need to speak at high level and he understood exactly how we operate and our DTI.
Post: Personal Unsecured Loan
- Investor
- San Antonio, TX
- Posts 145
- Votes 61
Quote from @Jaycee Greene:
Quote from @Travis C.:
Quote from @Nicholas L.:
can you refinance one of your properties or take out a HELOC on one of them?
@Travis C. BHG is not a bank. Have you contacted a community bank in your market? Sounds like you need to work with a Private Banking/Wealth Management group of a bank.
Post: Personal Unsecured Loan
- Investor
- San Antonio, TX
- Posts 145
- Votes 61
Quote from @Nicholas L.:
can you refinance one of your properties or take out a HELOC on one of them?
Post: Personal Unsecured Loan
- Investor
- San Antonio, TX
- Posts 145
- Votes 61
I guess if anyone knows anyone filling a niche market like this on unsecured notes for unique circumstances it will be heck of an opportunity. DM me if anyone knows anybody! I'm not super rate sensitive but would like a longer term 84 months + etc.
Post: Personal Unsecured Loan
- Investor
- San Antonio, TX
- Posts 145
- Votes 61
Something told me it wasn't something unique to me! Thanks!
Post: Personal Unsecured Loan
- Investor
- San Antonio, TX
- Posts 145
- Votes 61
Quote from @Seth McGathey:
I am going to go out on a limb here and say you went to a big bank? Is that true? If so, I would try a small bank, especially one you have worked with before. They are usually way more willing to negotiate and hear your explanation.
It was BHG. Not that big of an outfit. I usually go to Sofi but was seeking a bigger loan than the $100k they'll do. Agree on the big bank syndrome but BHG isn't that big. I figured they'd be more mature and still down but nope!
Post: Personal Unsecured Loan
- Investor
- San Antonio, TX
- Posts 145
- Votes 61
It was BHG. Super odd. I do use Sofi for these every now and again and pay them back quickly but I was trying for a jumbo personal loan that BHG does that doesn't reflect on your credit report unless you don't pay it back. Sounded like a win win but the underwriters seems a tad lower IQ and had no idea what they were looking at with my returns.
Post: Personal Unsecured Loan
- Investor
- San Antonio, TX
- Posts 145
- Votes 61
First world problems but still a problem! I have a high paying W-2 job and a good size rental portfolio of LTRs and STRs. Due to depreciation, interest, taxes, insurance, renovation, and maintenance costs I write off a ton each year. So much so that last year my taxable income was like $25k ony returns.
Recently wanted a higher value personal unsecured loan and was DENIED because they said my DTI was sky high but in reality it is 20, my FICO is 840 and my cash flow is super strong from my job and RE portfolio. It was sort of embarrassing but it would seem like the lenders could do a better job of understanding WHY taxable income is so low vs just denying the unsecured loan.
Question for investors in the group - have you experienced such a thing as this? It can't be uncommon is it? What did you do to surmount this? I need the liquidity and want this type of loan so not sure what to think here.
Thanks!
Post: Short term rental sale valuation
- Investor
- San Antonio, TX
- Posts 145
- Votes 61
@Tracy Ross that's interesting that your permitting works that way. I don't think it does in San Antonio where we operate. It does make it more covered in that way I'd say!