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Private Lending & Conventional Mortgage Advice

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Business Line of Credit on Rental Property - Richmond VA

Posted Aug 16 2022, 12:34

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!

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Jossalyn Wallace
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  • Real Estate Agent
  • Destin, FL
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Jossalyn Wallace
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  • Destin, FL
Replied Aug 16 2022, 12:40

Im not sure if you have Hancock and Whitney in your area but I know by me, they offer some products like that! 

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Sergey A. Petrov
  • Real Estate Consultant
  • Seattle, WA
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Sergey A. Petrov
  • Real Estate Consultant
  • Seattle, WA
Replied Aug 16 2022, 13:06

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

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Chris Webb
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  • Central Virginia
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Chris Webb
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  • Central Virginia
Replied Aug 16 2022, 13:10

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. 

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Ned Carey
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Ned Carey
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ModeratorReplied Aug 16 2022, 17:57

@Nicholas Adam Cramer

No I don't have any advice but I will say a big thank you for not asking for a HELOC LOL