However, it's nice to have unsecured loans as a backup option for projects that fall outside of the lending requirements of most lenders

Source of down payment funds, if applicable: own funds, unsecured borrowed funds (credit cards), secured borrowed funds (HELOC, etc), gifted funds, other (explain)Income Source: Salaried/hourly W2, 1099 independent contractor (what industry and how long?)

The bank claims that since it was not recorded with the county, they consider it a "unsecured" second mortgage.

@Greg HodgesHave not invested but just make sure you understand your risks of secured vs unsecured as honestly tired of listening people complain about getting screwed when they invest in unsecured debt and are like “oh I didn’t know”…. https://www.sec.gov/Archives/edgar/data/1831623/000117152023000262/eps10909.htmThe Notes are unsecured and holders of the Notes do not have a security interest in the real estate loans or the proceeds of the real estate loans.

Get that 5th dwelling an occupancy permit and rent it for at least $550-650/month conservatively.Purchase method:  Unsecured business LOC + bank financing.  

Down payment funds just can't be from a unsecured loan (personal loan/credit card).

Jim, you thought 15 points for a 5 year  unsecured credit facility was too high.

Don't limit yourself to banks and mortage lenders.Make sure you buy Homeowner's Insurance and pay the proeprty taxes.This is the simplified version, your attorney will fill you in on the details.Congratulations, sounds like a winner for all concerned.A personal loan is unsecured debt not associated with a property.

Have you looked at signature loans that are unsecured from a bank or credit union?

Ask the right questions so you are confident of what you are applying for...All, I was looking to obtain a Unsecured Personal Line of Credit when I went thru Fundwises preliminary approval process.