Hey everyone Im looking to get a business line of credit, does anyone have any good suggestion on any banks or lenders out there? I have a good credit score and looking for about $50k
Thanks everyone
For your corporation? Do you have at least a 2 year old corp?
Well about 1 1/2 years it will be 2 years come june
What are you going to use the line for? Do you have good p&l’s on the LLC?
I plan to use for my business, Im not sure what is p&i
what state are you in?
P&L’S are profit and loss statements. Before you could get a line of credit, it is easier to have these available to see if the business makes any money. Let me know.
the companies I am familiar dealing with require 2 years history for a corp line of credit (they are unsecured). But these are actually much higher on the $$, usually between $100k - $500k worth of LOC’s.
My company has been in existance for 5 years.
We have profit and loss statements.
Banks statements.
Personal credit is 688.
I have four partners with credit that is better than mine.
Can we get a line in that amount (100k-500k)?
I couldn’t say for sure. I’m not the bank or the broker, I’m a private investor and I’m just saying what I am familiar dealing with. From what I understand they require at least a 700 credit score and a corp with at least 2 years history with a duns and bradstreet profile and a 411 address and phone listing. They are costly sometimes on the back end though with no upfront fees.
Mr Landlord Loans offers corporate lines of credit. I don’t remember if they require a personal guarantee or not.