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Private Lending & Conventional Mortgage Advice

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Derrick Fisher
  • Investor
  • Laurel, MD
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12
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Advice on Financing Options

Derrick Fisher
  • Investor
  • Laurel, MD
Posted Jul 28 2016, 15:10

I own a 6 unit apartment building that generates almost 6k per month in rent. When I purchased the building I got a commercial loan and formed an LLC to place the business under. The first 3 years of ownership I operated at a loss due to several factors that have been corrected. In the 3rd quarter of 2015 I began to see a profit after a management change and some other steps that were needed. All of 2016 has been positive cash flow. I expect a 30-35k profit per year going forward. I was rejected for a SBL since 2013 & 2014 the business didn't generate a profit. My credit is excellent and as an IT Contractor I'm well compensated.

What would you recommend as options I could pursue in order to get funding? The property is paid for and I was interested in pulled out the equity in the form of a line of credit so I could purchase other income producing rental properties.

This is my 1st post so I think everyone in advance for any advice they can offer.

Thank you,

Derrick Fisher

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