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Private Lending & Conventional Mortgage Advice

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Faiz Kanash
Pro Member
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31
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Any advice about how to get a business OR personal line of credit?

Faiz Kanash
Pro Member
Posted May 17 2023, 17:41

Hey guys! Im looking for advice here.

I've been looking into trying to open up an unsecured line of credit, mostly through my business. The issue is i've been mostly getting denied simply because of the fact that my business doesn't produce monthly revenue, since I'm primarily a fix & flipper. My revenue is based off project completion, which is usually every 3-4 months before a major deposit happens. So, my first question is if anyone is aware of a lender that provides an unsecured line of credit for a situation like that?

My second question is, since i'm almost certain at this point I won't get approved for a business line of credit, would it be better for me to just open a personal line of credit instead, and if anyone had any recommendations for a company to open one with? My credit is solid, about 750+ with 100% payment history. My current credit card line(about 5 credit cards) totals out almost 60k. The main reason i'm looking for an unsecured line of credit is to meet unexpected business needs of needing to pay cash. For example, I can't pay my contractors through a credit card, they need to get paid cash. A personal line of credit that allows me to draw out cash can help me tremendously, especially since I can most likely pay off the debt immediately after I sell the home, as well as this would help me exponentially expand the business. I can't use cash advances off my credit cards since they're way too low and charge absurd fees.

All advice is welcomed, thank you!

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