[Fundyman]

A few years back, there was a lender by the name of Finance of America that offered borrowers the option to get lines of credit against real estate. I'm not sure what happened to them (it seems they may have gone public), but they're borderline useless in the lending space, as far as I understand now. Their reviews are pure crap, they don't answer phones, their website is null @ best.

That being said, which lenders offer real estate backed lines of credit now at reasonable interest rates, with a seamless app-to-fund process, non-MCA type nonsense, I'm talking REAL line of credit. I'm not bashing the MCA attached to real estate as collateral. I'm just saying, that's not what I'm looking for in this post.

Please help if you know or are such lenders. Not looking to co-broker here neither. Looking for the actual lenders.

Thanks

[Olderguy]

I've seen them come and go and can't recomend anyone at the moment.

Biggest issue I have with the MCA arena guys are loan amounts of $150K - $250K

Get stacked business LOC at $250,000 each uncollateralized with 700+ Fico. 8% interest 10% success fee. Financial Lynx.

Better rate and not monthly fees.
Larger loan amounts.

Beats BlueVine
SmartBiz
Headway

[BestConnectCapital]

I believe you are referring to a HELOC - Home Equity Line Of Credit. You need to speak with a licensed mortgage loan originator for one of these. It's similar to a second mortgage, this is an option for anyone who owns a home and has enough equity available. If you need one in Arizona I would be happy to help or I can point you in the right direction if you don't have a mortgage broker already. FYI this is a highly regulated product so you need to go through a LO licensed in the state that you own the home. Also they probably aren't getting back to you because they stopped doing retail sales if I remember correctly.


Ari Dahukey
Account Manager
Best Connect Capital, Inc.
(p) 602-338-1769
(f) 516-740-2830
https://www.Bccapital.info
985 Ocean Ave Ste 4C, Brooklyn NY 11226

[Olderguy]

Ari - you're right about Heloc and that's just for priamary residence. I recommend people go to a local credit union in their city for a Heloc as they will always have the best rate. Hard money lenders USED to so business purpose cash out refi's on primary residences but no longer. I do have a guy in CA but 65% CLTV is max and 650 Fico and Max $150K.

Seriously - look into Alex at Financial Lynx for a business LOC which can be stacked.

[abfunders]

Finance of American https://facolending.com/
They were purchased by Roc360, they're not public. And they're still lending.

The concept of a "line of credit" for fix and flip was designed by FOA, and the concept was that they underwrite the borrower and give them draws and they keep the same rate for all of their projects. Obviously each property needed their own lien. I was following them for years (and I'm still signed up with them) and they changed it significantly over the years. The "line" became pre-underwriting of each borrower/entity, but each property needed its own underwriting as well, and it was more of a predefined Exposure Limit. I funded several deals with them, but their portal really stinks and their processors were SLOW. They're improving, and my rep there is Ezi Spinner, but I just haven't done much in the RE space in the last 6 months to tell you more than that.

Contact me, I'll put you in touch with a lender who I absolutely LOVE and they have no origination points, and you're 100% in control of the process, and they actually make you white-label their application and LOI, which is much better than collecting some docs, and then only letting their processors collect more docs only after the appraisal is done and revised 4 times, lengthening the process by days, and missing the closing deadline!

[Olderguy]

Finance of American https://facolending.com/
They were purchased by Roc360, they're not public. And they're still lending.

The concept of a "line of credit" for fix and flip was designed by FOA, and the concept was that they underwrite the borrower and give them draws and they keep the same rate for all of their projects. Obviously each property needed their own lien. I was following them for years (and I'm still signed up with them) and they changed it significantly over the years. The "line" became pre-underwriting of each borrower/entity, but each property needed its own underwriting as well, and it was more of a predefined Exposure Limit. I funded several deals with them, but their portal really stinks and their processors were SLOW. They're improving, and my rep there is Ezi Spinner, but I just haven't done much in the RE space in the last 6 months to tell you more than that.

Contact me, I'll put you in touch with a lender who I absolutely LOVE and they have no origination points, and you're 100% in control of the process, and they actually make you white-label their application and LOI, which is much better than collecting some docs, and then only letting their processors collect more docs only after the appraisal is done and revised 4 times, lengthening the process by days, and missing the closing deadline!

That's great...why don't you post it up so it can help everyone?

[abfunders]

Email/DM me directly, happy to give a referral

[Steven_O]

That's great...why don't you post it up so it can help everyone?

...because good hard earned knowledge isn't a free for all.

[Olderguy]

...because good hard earned knowledge isn't a free for all.

Nah....some of use don't mind sharing if it helps people....

[abfunders]

Nah....some of use don't mind sharing if it helps people....

“The problem with socialism is that you eventually run out of other people's money.”
I'm not saying that that I'm a ball hog or trying to flex my muscles, but knowledge in this industry translates into dollars, and I can choose with whom to share my knowledge.