Investor · Scranton, PA · Member since 2020 · 30 posts · 6 votes
Hi everyone, just thinking outside the box here. Anyone with a business that has used their "business available credit" to purchase real estate? What bank or loans do you apply for? I do have an LLC and im just building up the credit. Any other way to do this besides credit cards? thanks.
I haven't personally did this myself but i have heard of people utilizing business credit and business lines of credit to fund purchase and rehab. Typically they will utilize 0% intro interest (anywhere from 6-15months) business credit cards and business lines of credit. Some of the credit cards Ive heard mentioned are the Chase ink cash, US bank business platinum, and American Express blue business. I believe It helps to already have an established relationship with those banks before. You can establish a relationship by having a business bank account with that bank. Once you are able to get approved for a business credit card or line of credit you could then use that to 100% finance the property and rehab. Once the property is stabilized say in 6-12 months you can refinance into more permanent debt, and or sell.