Developer · Rochester, NY · Member since 2016 · 406 posts · 339 votes
Hi BP Family!
I was wondering what were the best options for business lines of credit. I would like to establish one so that I can use the line of credit to fund rehab projects on our properties and then pay them off with refinance proceeds after we complete our business plan on a deal.
I swore I would never fund my business with credit cards again, because of the very high interest rates, etc. So I got to researching some options for business lines. Ideally I would be looking for a line with a $100k-$500k limit.
Here are some of my details.
I have been in real estate investing for 15 years. I have multiple LLCs that have been formed many of those years. My annual revenue is about $1,000,000. I have near perfect personal credit.