Underwriters And Line Of Credit
I have applied for a business line of credit through our local bank. The underwriters are asking for what type of business we do and the local loan officer has already told me that if we list rental properties we will be denied as they do not lend on that.
Now what we do is (are) real estate investments(buy and hold, rehabs and flips ... etc), property management as well as home inspection services (very minor part though). How is the best (and legal) way to reply so the underwriters do not kick out our line of credit request? Is it impossible to get a line of credit for our LLC under the above circumstances?
Your opinions and thoughts please.
Thanks.
JS.
Anyone?
Hello??
tell them you are a consultant because, honestly you are. you consult with clients, right? banks do not like the fact that we flip houses or are involved in real estate. they consider it VERY risky unless the property is collateral. frankly it is risky, but regardless, if you list on your corp records and minutes that you are engaged in "consulting and anything legal" you will be fine. that should be your primary business description.
I would try to find a Mortgage Broker in your area that specializes in real estate invesors and not deal with that bank
Sure! Attorneys get sued all the time for Malpractice!
Thanks Pmatheson for your reply.
Would you think this is a viable reason for a malpractice suit.
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I think that attorneys are similiar to doctors when it comes to malpractice.
I beleive you would have to find an attorney who agrees that the first attorney acted improperly. You should ask your current attorney about it.
Thanks Ctsee for your reply.
I agree that it would be very hard to find an attorney to take the case, because I believe they cover each other.
[addsig]
Maybe you could file a complaint with the Department of Professional Regulation.
Good Luck
Question: How can the Lender foreclose if your son is in Ch. 13 Bankruptcy?
In Florida, Bankruptcy stops all legal actions against the owner. How did the sale get scheduled if the home was protected by Ch. 13?
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I am in Florida also. It sounds like the bankruptcy was discharged.
Attorneys sue other Attorneys all the time. Some would even take it on a contingincy basis.