Involved In Real Estate · Oakland, CA · Member since 2008 · 141 posts · 25 votes
Can anyone out there help me with the process of establishing a business line of credit, secured or (preferrably) unsecured? My 6 mo. old LLC holds R.E. assets with FMV of approx. $650k and liabilities (mortgages) of approx. $535k. My personal FICO is 746. Interested in using it for business expansion via add'l R.E. acquisitions.
Thanks!
Credit cards are the only way to go right now and you have two problems - 1) your entity is less than two years old and you haven't mentioned anything about cash flow. Your holdings are highly leveraged according to commercial lenders that will make these types of loans.