Where would I find lenders who offer Business/Personal LOC? What rates can I expect for these lines?
I know that Wells Fargo offers them, but not in my state.
I’ve contacted the bank where we do our business banking. They offer a % (i.e. 20-25%) of your annual revenue/GOI. That would be a start, but I was hoping for a higher line than that would offer at this point.
My business partner and I have excellent credit and an LLC that’s been in existence for > 2 years.
Thanks for any guidance.
I wrote in a previous post concerning this. your local bank may offer this. The amount you can recieved will be governed by you documentation. If you only need 25K - 50K this usually can be done using stated income on the application (income needs to genarally be at least 350K+) The underwriting process will normally take 1 - 3 days. If you are trying to get a larger LOC, you will need to provide returns and foregore sttricter underwriting. Many cases if my customers need more money and must go stated I send them through 2 or 3 lenders to get them to the needed amount of funds