Exploring a Line of Credit Opportunities

[Caleb Fledderjohann]

Hi all...I'm looking for the most efficient scenario for a line of credit to use for fix and flips. I don't have a property in mind right now, but would like an LOC available when I find a property I'm interested in (basically an open LOC). Something that I only pay interest on the money that I use. I'm thinking between 100k-150k for the LOC. I would purchase the property, rehab, sell, and then pay the loan back while keep the line open for the next property. Is this doable?

Without going into too much detail, here's my financial situation...

- No credit history or score that I'm aware of

- I rent an apartment, W-2, no personal residence, zero debt, live in Ohio

- LLC with multiple single family rentals, zero debt, no mortgages

What would my best options be to handle this? Commercial HELOC, Portfolio LOC, Hard Money, Business Loan, etc...?

Interested to hear what lenders think and what other REI's have utilized with their own projects.

Any insight would be appreciated.  Thanks!

[Jay Hinrichs]

Quote from @Tyler Mcclean:

Absolutely you can open a line of credit against one or multiple of your investment properties but you quitclaim whichever property you choose into your personal name for purposes of obtaining the LOC. This can be closed in as little as 3-4 days with cash available 3 days after closing with no appraisal required. Very smart idea I refer this strategy to a lot of clients who flip to avoid closing costs on each individual deal they do.

commercial banks will not require the asset to be in your personal name they make the loan to the LLC with PG from the borrower or anyone who owns more than 20% of the LLC.  Not need to do a title change.