I have a brand new LLC and I was hoping for some tips to build it up and earn credibility so it can stand on its own (in order to get a loan, etc). I also heard that it takes 2 years for this to happen; is that true?
Also, any tips on what kind of bank to get a checking account and/or credit card from in the LLC's name? Are there any advantages to opening an account at a community bank vs a credit union or larger bank?
Thanks in advance!
I started my LLC in Jun 2014 and I bank with BB&T. I pulled a loan against my retirement account as startup capital and deposited into my business checking. I also applied for a loan towards my first rehab property in the name of the LLC and got approved. I am set to close next week. BB&T will find 80% and I'll pay the rest. I'm going to use credit cards to pay for the rehab.
They're a traditional bank with great customer service. Best of luck to you.
Your best bet is to shop around banks. Some will say they're investor friendly, but then not loan to you. Others will--find those.
We opened our LLC in 2012 and got our first mortgage within a couple of months....then another mortgage within another few months...and a credit card we didn't even request.
Yeah, the only place I can find so far that will lend money to an LLC is a hard money lender. I'll keep looking...
I'm currently looking for a bank to open my business checking account. Should I first find one that would also give me a loan, or just go ahead and open it up at my local bank?
I think your best bet would be to start with your existing bank since that relationship has history.
You need an EIN to get a business checking account.
I had no problems getting a loan to my LLC but have had to personally guarantee both. I also have a LOC with HD but again, personally guaranteed.
I am thinking of opening an LLC with a friend to invest in our first property. Are the interest rates higher for a LLC?
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