BUSINESS LINE OF CREDIT

Financing, Hard Money Lenders, Private Money
1

Hi,
I just finished transferring some properties into an LLC, now I am looking for a business line of credit against the real estate, and can’t find anyone to do it! They offer PERSONAL lines against my RE, but I do not want it to go against my personal credit. That is the main reason I transferred RE into the LLC. Bank of America will only give me up to 15K as a business line, but I have over 500K in RE equity in the LLC. I am looking for a line of credit of 50K - 100K to do RE investing. Can anyone suggest a bank that will help me out?
Thanks! 8)

2

I am in the same boat with about the same amount of equity. I have been advised to speak with smaller community banks in my area. Less restrictions and always try to speak directly to the decision maker. I’ll follow up with another post if I am successful. I have a meeting planned for Friday. Good luck.

3

Thanks FL. The property is in Florida, I live in Chicago. Are you in Florida? Just curious.
REFLA

4

Yes, most of my work is done on the west coast of FL.

5

Try Brad at Sunset Mortgage Corp. 609-238-7026 he might be able to help you guys with a line of credit. Tell him Phil sent you.