Impeccable Credit and Still Can’t Get a Loan

I’m sure that someone out there can explain to me why someone with impeccable credit can’t get a loan? I understand all the “talking head” stuff about the banks were too liberal and loaned money to anyone breathing…. I understand that processes are being implemented to ensure loans can be repaid…. I understand that sometimes the pendulum swings dramatically until it finds it’s center again….but geeze, aren’t we close yet?

Here’s the specific situation…. and I’m all ears to anyone who has alternative options to review:

• My husband owns a “bakers dozen” rentals (various states and lenders)
• When they were purchased numerous years ago, he put down a conservative 30% on each of them….people thought he was nuts to do so by the way
• Although housing prices have gone down he still has equity in these
• He has NEVER missed a payment, and has impeccable credit
• He now wants a loan on another piece of property
• However….not one lender will talk to him because he is High Risk – he has too many properties
• The magic number used to be 8, then dropped to 6, now he’s being told 4!!
• These institutions have actually suggested he sell all of his properties (except 4) in order to get a new loan

Now, what the hell would that accomplish?  Don’t we want responsible tax paying citizens? Plus, why sell now in a depressed economy…he’d probably have to give them away.

Does anyone out there have a constructive suggestion?  Looking forward to your replies.
Until next time, J.

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January 14 2010 01:05 pm | Misc Ranting, Wealth Strategies

One Response to “Impeccable Credit and Still Can’t Get a Loan”

1. Leda Stukenborg Says:
   July 15th, 2010 at 8:47 am

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