Updated almost 9 years ago on . Most recent reply
business credit card
hello everyone, quick synopsis: I'm going to buy a foreclosure type house using traditional financing with a local bank that I bought and rehabbed my own house with, but instead of getting a construction loan and dealing with some of those hassles I thought establishing a business line of credit to fund the rehab costs might be a good idea. I work in construction for a family business but have my own LLC to get paid (like a sub contractor). So question one: is this a good idea for a house I know i'm getting a slam dunk on and can sell at rock bottom and still profit (or rent) and it would help establish good business credit, which would then up my limit. Question 2: should I be going to a small town bank to open my first business line of credit or would I be better off going to Wells Fargo who I have my business checking and personal checking with?
thoughts??