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05-28-2023, 09:52 PM #1
- Join Date
- Apr 2023
- Posts
- 11
owener occupied LOC/asset paid off
Greetings All,
Hope everyone is enjoying the long weekend. I have a client who owns a house, paid off, seeking a LOC/loan for 200k. Property is paid off, Harris County Appraisal District (TX) values the property at 400k. Clients FICO is 613ish. This seems to fall in line with a HELOC, banks, however, seem less than interested. Can anyone advise options? Thanks in advance.
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05-28-2023, 11:29 PM #2
Experian boost, credit repair, then credit union for HELOC.
Can't do hard money on owner occupied property.
A local NMLS licensed loan broker might help - maybe using bank statement program?
Reach out to these guys consumer division and see if they can help - or refer you to someone...
Tim Donoghue, NMLS 2105208
Loan Officer | American Heritage Lending, LLC
E: tim.donoghue@ahlend.com
P: 800-731-9226 x389
D: 949-365-4698
M: 860-819-0474
www.ahlend.comLast edited by Olderguy; 05-29-2023 at 10:39 AM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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05-29-2023, 03:43 PM #3
- Join Date
- Apr 2023
- Posts
- 11
Thank you Olderguy. Will definitely reach out.
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05-29-2023, 06:47 PM #4
- Join Date
- Apr 2021
- Location
- Dallas
- Posts
- 3
I work with a company that will facilitate your client transaction please email me at: nationwiderealestatesolution@gmail.com
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05-30-2023, 03:22 PM #5
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 732
As advised above you will need a license mortgage broker. no private money. And few lenders will consider due to homestead laws in Texas
www.omegafund.com
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05-30-2023, 09:48 PM #6
- Join Date
- Apr 2023
- Posts
- 11
This is the information I need. Many thanks to all for your advice
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