Business Line of Credit on Rental Property - Richmond VA
Hi all,
I have been using the BRRR strategy and refinancing my money out of rentals. I would like to explore opening a business line of credit based on the equity I have in my rental as an alternative to refinancing. I've heard this is possible, but every bank I have talked to so far doesn't seem to carry this loan product. Does anyone know of any lenders that would offer this? Specifically in the Richmond?
Thanks!
Im not sure if you have Hancock and Whitney in your area but I know by me, they offer some products like that!
If it is an equity line of credit, it is a HELOC. If you are borrowing against a business and/or business income it is a business line of credit. I think you are looking for a HELOC
Hi @Nicholas Adam Cramer, you could look into Fund & Grow, they might be able to get you some business credit. I know that was something they offered me that as an option when I looked at creative financing. I will be honest and say I was not happy with my experience with them, but they did what they promised and I was able to get several thousand dollars for financing.
No I don't have any advice but I will say a big thank you for not asking for a HELOC. LOL