Working Line of Credit ?

Financing, Hard Money Lenders, Private Money
1

Hello Everyone,

I am planning on finding a lender to give me an unsecured working line of credit or a personal line of credit. From what I hear this is not so easy to do. I have a reahbbing business plan put together, a personal financial statement, a credit score of 830, and all other docs together to get a loan. I am not sure if it is better to get a Business loan with the business plan, or just use my credit to get a personal line of credit (they may not need to know what it is for). I am looking for any last minute advice that could help in my search of a credit line. I plan on getting this done this week while on vacation from my real job. Any advice would be greatly appreciated.

Sincerely,
Gary
Arlington,Tx

2

Hello Gary,

Are you planning on keep the properties that you rehab or to sell fairly quickly?

3

GSM,

I plan to sell quickly at first to gain more capital and then buy and hold after my first year.

Thanks,
Gary

4

With a credit score like that and a soild business plan you should go for the working line of credit, you will be able to put properties on and off your credit line a lot quicker this way. Have you checked out Ed Garcia from creonline? He is an expert on this subject and offers bootcamps and you can call him at his office to. Check him out.
Good Luck