can anyone let me know what I would need to do to get a line of credit in the name of my LLC. I have had it for 2years now and looking to buy more properties with the line.
thanks
Call a bank that does commercial loans and set an appointment with them to see what they need from you and your company. They will need two years tax returns, bank statements etc.
Good Luck.
There are many questions that I would need to ask you to be able to help you.
I don’t know where you reside but I’m in Michigan and right now National City is running a promotion for businesses: open a biz account, apply and get up to a $50k line of credit in your business name. I personally know of 4 investors who have done so and gotten $35k each and up.
I’m waiting for my LLC paperwork and I’ll be blazing a trail to National City as well.
I believe you might be able to even go online and apply but not sure where the boundaries are - if it is just in state, regionally or nationwide.
See you in line at the bank!
do they want to see tax returns or do they just want you to "state " the income.
GCCRE,
You are correct. I just called National City and it is a promotion. You can apply for a larger line but the rate is higher. They are having a commercial loan officer call me in the morning and I will update you all as to what I find.
Thanks for the info.
Your welcome Property_Girl. My contacts tell me the National City app process was like filling out a simple one page credit card app TDD. No verification whatsoever so thats a good thing huh?
It’s worth a try. Whats the worse that can happen… Turn you down and take away your birthday?
Access to $50k would come in pretty handy right about now.
I got mine thru Wells Fargo at a good rate and the application was easier than an employee job application.
my llc is only 3 months old…do they ask for tax doc’s cause at this point I don’t have any???
Please let me know
Thanks
Antoinette
Antoinette,
My ex-girlfriends name was the same as yours, is it you? 
Unique, pretty name.
Regarding your LLC, when you go into a National City bank and tell them you want to sign up for a business line of credit about the promotion they’re currently running. You’ll go into the office and you’ll need your corp. paperwork with your LLC business ID # and your drivers license. It’s a one-page questionaire sorta like a credit card app. Don’t tell them anything if they don’t ask. 15 minutes your done. You’ll need a $50 deposit to open up a business checking acct is all. It’s free of any fees for the first 200 checks, deposits, withdrawls then .40 thereafter. No monthly minimums or fees. It’s really a super good promotion that runs until late Nov.
I was doing a sole-proprietor until I was told about this promotion so I went and got legal and LLC’d and have only had it less than a week and no problem. They won’t check your personal credit, it’s a non-issue. You’re using your corp entity as a business so your peronal credit has nothing to do with it.
Good luck and let us know how it turns out. Dinners on you sweetheart. Ooops, wrong Antoinette
Hi. Is this an equity line of credit? If not, what’s the exact name of the product. Also, what does your business score have to be to qualify? Thanks.
any updates on this? No personal credit check i have a hard time beleiving, where are they hanging thier hat in the event of a default? and not verifying the age of a corp? if this is a real deal, i’ll be on flight in the AM.
I’m with you. I’ll be on the next flight out. I happened to call one of their branches yesterday and they advised me that they do run your personal credit as well as the business and they look for mid 600’s and up. 
Ok, heres the deal. They do check your personal credit regardless if your a corp. or not which I think sucks. 2 inquiries in my credit report in the past week and my FICO has dropped 32 points.
Your credit score has to be in the mid-high 600’s and either collateral or income to justify the requested amount.
I did ask if I got a $100k property under contract for $45k if they would use the equity position as collateral and she indicated that would be no problem but then asked me "can you do that? " and then “where do you find properties with equity like that?”
I told her “ma’am, you’re on a need to know basis and right now you don’t need to know!” ;D
So getting the line of credit funds isn’t as easy as I was told unless you have the collateral to back it up.
Wow great program. Did you get any idea of acceptable collateral?