This would be a private money loan where an individual is lending me money for 30 years, much like a bank.

Then take that to a local bank and financing it or re-finance as the case may be.

I would prefer to avoid banks completely but this was just an idea.   

I would pony up for insurance to protect my assets, rather than bank on anything else....

House Zoned PUDCash offer pending talking to the bank about a payoff settlement.

House Zoned PUDCash offer pending talking to the bank about a payoff settlement.

Bank 1 - offers 1.99% interest for the first year and then 6%, - loan amount $130KBank 2 - offers 3.99% interest for the first year and then 4 to 5% - loan amount $70KI think higher line of credit is better because I may use it for 2 deals instead of just 1.

It's through First Republic Bank's Eagle Loan Community program - not offered in all geographies.

One for a cash out re-fi (can be a conventional mortgage which would be better terms), and one for buying the investment property (commercial loan department of a bank).If you don't need to finance any construction/rehab, I'd recommend republic bank.

I heard other scary things the bank can default any time because it's in my mom's name but why would they when the mortgage payment is being paid on time?