All Forum Posts by: Wilson Churchill

@Wilson Churchill - This was Huntington Bank, I do have a relationship with them and I am based in Ohio but I believe they are in MI, OH, IN, KE. I imagine this is a bank wide This was the information given to me in today's meeting with the loan officer. I will post a follow up after I have closed on this account and can put the exact numbers on paper. I was like a kid in a candy store today going through this. I have really been struggling to find something so efficient. Once I move forward I will post complete terms on this! From my understanding this was limited to residential or 1-4 unit properties only but again I'll post more info as I learn more. 

UPDATE: I went browsing today after work and met with four lenders, the first two did not do HELOCs excluding primary residences but they forwarded me to the other two one being a local credit union - which did non owner occupied HELOCs but on a 5 year basis at 1.0% above prime, 1 point at closing, and 80% LTV. Then the last bank I went to is who I ultimately plan on working with does a HELOC on non owner occupied residences at a $500.00 closing cost, 0.5% above prime rate, 75% LTV, and a ten year payback term for amounts that after 10 years modifies to a 20 year payback term. Even with the lower LTV, something really stuck out to me about how they handle it. They have a portfolio lender stipulation that if the customer owns more than one investment property with third party appraisals documented per property that the property can essentially be added to the HELOC pool and the equity owned is added to that pool at the 75% LTV as well. Any structural changes have to be reported and approved and the structures have to be in liveable conditions the entire time in the HELOC pool - so no rehabs until they are finished. But post rehab this seems to be a good long term fix / approach as I am more of a buy and hold investor of distressed properties than a flipper. I appreciate so much the feedback on this topic. Thank you all who responded.

Logan,

Try not to believe what you read. All be it your comments are factual, they are not reality. I have listed/sold 3500 REO's in the city. Most of which were in the day that the junk area's were worth 50k. I have been to DC and Baltimore and flipped a few row homes. The area you are from is much different in flow and values. Think out of the box when you consider Detroit. Richard Dunlop comes from an area much like yours in CA and instantly saw the value Detroit can and will be. Will be interesting to here the rederick on this forum in 3-5 years about how wished I bought Detroit RE. As I remember the DC area was much the same condition in the 90's. Now you have a hard time finding junk row homes in the SE are for under 150k.

I need to purchase a lot of finishes for a job. I want to get a credit card that can offer the best rewards for what/where I'll be spending (i.e home depot, ect). Right now I'm just using a cash card, which offers nothing. I know it's not much, but better than nothing since I have to pay for it someway. Any suggestions? 

Also, are there any cards that will let me hold a high balance and pay it off over 6 months for instance with very low interest rates? I have the money, but I figure I'll save it until the job is done just in case and hold a credit card balance until then.