Business LOC - does a newbie have a chance?
Hello - a friend suggested tonight that my business partner and I apply for a Business LOC with a local bank and is connecting me with a person there to speak with. I'm concerned, however, about whether we have a chance at qualifying.
My partner's LLC has been in existence a long time but she wasn't very active the past 2 years and is essentially coming out of retirement to do rehabs full-time (a r.e. broker, she used to primarily list properties while doing a few investments here and there). Thus, there isn't much to show in the way of assets for the LLC. As for me, I'm pretty new to the rehab business so I understand I still have a lot to prove.
However, my partner's personal credit is 810 and she has equity on her personal home (about 60k). And the project we have under contract - the one for which we'd use the LOC - has good numbers. We'd look for a maximum of 150k, which includes purchase price and a chunk of the rehab, and the ARV is 250k. Hell, we'd be happy with anything the bank could provide for a LOC b/c it would still be cheaper than hard money and private money!
What else do I need to know? What else will the bank want for info, and what can we do to make our case?
Thanks!