Matt Began – Bank Financing And Unsecured Lines Of Credit
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Matt Began – Bank Financing And Unsecured Lines Of Credit
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I’ve had well over 2000 bank loans in the last 15 years. I live it every single day.
Listen, after the crash of 2008 the banking world was thrown on its head.
Risky “no-doc” loans vanished overnight and from that point on the rules were changed.
And from that point on the new rules had been established. The challenge was nobody knew the rules.
By 2008 I had built a portfolio of houses. I was using bank financing to keep a lot of the houses but I remember the exact day my banker called me and said:
“Matt, due to the financial meltdown going on around the nation we are no longer able to do the loans we have been doing for you. The regulators have put a halt to those types of loans.”
My heart sank. I was starting over from scratch at a point where I was just starting to get momentum.
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