Lending Options: Conventional or Commercial
First of all....Thank you for your answers and your experience!
I am using an investor and he has offered to go to any financial institution and get a loan and/or line of credit to help me grow our money.
I do not have a property picked out, but was made to understand that I needed to have funds ready to close the deal once found and secured.
I was thinking that a commercial line of credit would be best, because we would be able to use it for any deal and would also have enough available to perform any needed rehab to the property.
The business plan is to flip a few properties to grow my money to later invest in buy and holds.
So here is the questions. Do I have to have an established business with EIN and all to qualify for a commercial line or commercial loan? Will I need to provide a business plan or any documents regarding the property as it has not been selected or secured yet? Would a retail conventional mortgage be a better choice?
Do I have any missing pieces that you see that I can include to have a better chance of approval?
Thank you again,
Warren