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Line of Credit

Posted on: Wed, 06/13/2012 - 21:09
Line of Credit

I am looking for a line of credit today, and called my bank. They however, only offer either a credit card or home equity line of credit which is mortgaged against your own home. Is there another way I can get a line of credit, or must I take one of these options? Tammy

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Posted on: Wed, 06/13/2012 - 22:13 #1
Ever thinks of--

Hi Tammy, Did you think to use Hard Money at first just to break the ice? Or maybe try to find some Private money (interest is much cheaper). Nerves are the main thing holding you back here, at least I think! "Think less and do more", as Dean said before...

Joshua


Posted on: Wed, 06/13/2012 - 22:25 #2
Tammy

Try Presta funding out of Las Vegas and talk to Mary Huerta, you can even mention my name. They secured some very nice lines of credit for us. The process does not happen over night and you need to stay on top of them, but I have been very pleased with the results. Let me know if you need me to make a call for you. Send me a PM if you do...Jan


Posted on: Thu, 06/14/2012 - 02:34 #3
Thank you for all the suggestions Everyone

I will look into them. Jan, I will pm you about the NY property soon. Tammy

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www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.


Posted on: Wed, 06/20/2012 - 22:03 #4
Personal line of credit

Look for a bank that will do a personal line of credit. It is usually based on you your credit and ablity to pay back. I have a bank where I have a line of credit that has an ok interest rate. It is varaiable and I have had it for well over ten years and the rate is have never been above 10%. I can go draw cash on it and then I just have my monthly paymnets to pay it back. I can make multiple draws until I reach my limit, and my payment just goes up as I draw more out.

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