Financing Credit Lines And Mortgages
Has anyone gotten a credit line through a major bank like Wachovia or Bank of America? What do they look for and what is the credit scor they are after? What other assets do they look for? I rehab and trying to get out of using HML so much and would like to striaght purchase and rehab with cash then refi.? can anyone give me an idea of what to do or where to go to accomplish this?
Also, I also take a hit everytime a new mortgage comes onto my credit can someone give me some ideas on how to aviod this or some alternatives. Also, if I could buy for cash and rehab I thought I could stand a better chance of getting a mortgage through my company at like 70% LTV and not use my credit anymore, does anyone know of any alternatives for this as well?
On your business line of credit what business entity are you using?
I would recommend you get a Business credit card from Bank of America (as that is whom I have used) or I am sure Wachovia is good also. Use it and pay it off and in my experience they will raise your limits with your good payment history on a regular basis.
I have gone from a $5K credit limit on my B of A business card to a credit limit of now over $20K within about a year and a half, all without asking and just using and paying off the card. I will eventually here in the next few months probably switch this over to a LOC with them.
Rule of thumb for most banks is application and principals credit score for credit cards and LOC up to $35K anything over that, open your books and financial statements.
The Bank of America business LOCs and business Express LOCs just ask very bacis info - gross income for the company, monthly income for you etc.
For the monthly income I just calculated all the rents and gave them that sum as all they asked was gross.
My credit was 620 and I got a $15K Express and a $13K Business LOC. And $50k HELOC and a $15K CC
My mom is was 720 and got much more. All with no docs and stated income
Lowes has a Hardie smooth bead.