Business Equity Line Of Credit

I bought my second home cash using the equity line from my first house.Then I opened equity line on my second home and bought third home using that money. I bought my fourth home using the same formula. Now my fourth home is free and clear and I think the bank may be reluctant to open equity line of credit on my free and clear home, as my credit report will show too much loan. If I make LLC for the fourth home and get business line of credit, I know I will be the grantor, will my name show on the credit report. Will it be easier way to open line of credit?

It actually depends on your lender. Some lenders will require you to personally guarantee the loans and will report on your credit. If you have a legitimate business, an LLC and have some type of credit associated with it, some lenders will give you a line of credit on the business name only. The terms may not be as favorable as you want them to, but it is doable. The term used is non-recourse loan, and you can also open an account on your IRA's name, using this type of loans.

As far as easier ways, try looking for all your local banks or credit unions. You're going to have to do some legwork on those, but you will get better results than going with the national brands. Also, agricultural credit unions have good terms if you have in a rural area.

2009-01-03 17:00:30 by Saprina

A home equity line of credit (HELOC) can provide a flexible alternative to a traditional fixed or variable mortgage. A HELOC gives you access to ...

We own a small business which really hasn't been doing to well at all the past few months. We have become over our heads in business debt (about 350k) which is in home equity lines, credit cards, business equity line, vendors, etc. What can we do?

if you cannot pay it then a chapter 11 may be in order or total dissolution if that is all you can do and reaffirm on what is secured

2008-09-12 10:09:16 by momofthesouth

Price: $5.95

I just deposited a $25K check from a well-known brokerage firm into my checking account at a well-known bank. I want to use that money to pay off part of my home equity line of credit balance at the same bank. I did this three months ago and it wasn't a problem. Nothing has changed on my end but now they want to hold the check for 15 days so I can't pay off part of my balance. This means I have to pay an unneeded $150 to them for the interest on that amount I'm not able to pay off yet. I've always seen checks cashed in 24 hours these days. Is this 15 day hold on money they already have unreasonable and should it be reported to the Better Business Bureau? Thanks.

Some banks do that, check with a supervisor at the bank and if you do not get help then go to the BBB

2006-06-07 11:16:02 by this_one_dude

Price: $5.95 $5.95

I live in Californing where I have a 1st mortgage, and a home equity line of credit that was taken out years after my 1st mortgage. Can I file chapter 7 and get out from under the debt of my HELOC? Or can they forclose and I have no way of stopping them? I used the HELOC to purchase a businesses that is failing and I can only afford to pay the 1st mortgage.

Bankruptcy will not eliminate a 2nd mortgage or Heloc unless they fail to challenge the bankruptcy. It's a 50-50 gamble. If it were me I would do the bankruptcy and set aside the 1st mortgage payments (savings).
Send a certified letter to the Heloc people and 1ST mortgage people that your filing, they should contact each other and write you a 1ST that is favorable to the 1ST, The Heloc 2ND, and you.
The Heloc people won't buy out the 1ST..so they need a deal!

2009-11-01 11:18:30 by Geoffois

I would like to purchase a mix-use commercial space from the owner. I own all of my inventory. I need help locating a bank or mortgage company willing to work with a self employed entrepreneur. I have a equity line of credit already with a small credit union, however, they do not offer mix-use commercial loans. Can someone out there please help to steer me in the right direction? I need a second chance. Patricia

any bank esp. a community bank would be a good bet. make sure you ask if they are preferred SBA lenders since they have programs for small business owners that mitigate credit risk..

2007-02-06 05:40:48 by patricia b