Nothing to do with sailing, but bank loans

[AtlanticAl]

This is not to do with sailing, but maybe someone has some info on it. Me and my wife, own four houses, free and clear, we owe nothing to banks, we collect rents on most of them, we have five leases, and live in our own house which is free and clear, we dont owe on our cars, we dont owe on our boat, we owe on some credit cards, but that is it.

My wife is a hairdresser, and we wanted to buy a shop for her. we got a loan for the shop, december, but the seller wouldnt accept our offer, january the selller gets back, and accepts our offer, by which time, the loan is cancelled with the bank, we re apply for the loan in january, and guess what, they dont want to lend to us. They agree we have 144,000 assets, but they wont lend to us.

The shop we were buying is no longer on the market, so we are not going to buy it, but does anyone know how in the future we can get loans against those assets, we have more because we have pension funds, and investements, those assets are only on property, and we have shares, various funds, and silver to the tune of several thousand, how can we raise 60k

 

[Winkfish]

Maybe try getting a home equity line of credit (HELOC). You can use it or not, and it is secured by the equity in your home, and maybe your rental properties as well. Once you're in with the bank, it might be easier to get a straight mortgage loan.

Or, the bank might give you a mortgage if you also get a HELOC at the same time.

When my wife and I bought our current home, we had not yet sold our old home, so we got a small straight mortgage, and a HELOC. We shortly paid off the mortgage, and we later paid off the HELOC, but we kept it "in force" so if we need cash right away, we draw on the line of credit until we can pay it back. Usually we don't carry a balance on the HELOC.

 

[MrBee]

Find a different bank... You have that kind of assets and cant get a secured loan something is wrong.

 

[AtlanticAl]

Find a different bank... You have that kind of assets and cant get a secured loan something is wrong.

Property is quite cheap in Joplin MO, well its not as cheap as it was before the tornado, but, a few years ago, we were picking up rentals for cash, and paying as little as 20k, the most we paid, 32k, on a house that for property tax valuation, is now 45k, When we try to get a loan, most banks wont re mortgage, on a house that is worth less then 100k, local banks will, but like i say, a local bank gave us a loan, (based on the house worth 45k) then in january decided they wouldnt lend us the money. I think they wanted rid of cash before the end of the tax year, and after the end of the tax year, they are not so quick to lend.

 

[Andy1237]

If you're lucky you sail with someone that knows banks and bankers! Check your private messages.
My crew is the usual suspects-" bankers, lawyers and thieves"

 

[waternwaves]

the usual suspects-" bankers, lawyers and thieves"......

never could figure out how to tell them apart. Sometimes claimed golf scores are a clue though.

 

[juslookin]

Low interest rate

With interest rates being so low, I don't think a lot of banks are looking for long term mortgage instruments. Assuming they see a rise in interest rates in the future, they make much more money doing stuff like shorter term car loans, etc. and having more money to loan when interest rates go up.