Updated about 9 years ago on . Most recent reply
Stated income business line of credit
Hello all. I am doing research on financing in hopes to flip a house. I will not have any money for down payments etc. in the near future but I need to get out of the rat race so... I read about the Stated Income Business Line of Credit but I want a back up plan in case I held the property for over a year when the interest rate goes to 8.99%. Excuse me if I am way off but can you then get a traditional mortgage to pay off the line of credit? Mind you the line of credit would be in an LLC for the above mentioned L.O.C. if that affects your answer. Thank you for your replies.