BEST LINE OF CREDIT OPTION FOR AN LLC?

Question

Hello, I have a potential seller finance deal in Florida. I'm looking to close in an LLC. Can someone tell me what my best option for a line of credit would be? I need 25 to 30K for downpayment and replacing an hvac. This is for a long term rental at 3% interest rate. So not looking for something that I'm going to have to refinance in a year to pay off. Thanks for any help.

Kerry Baird · Answer

Local small community banks and credit unions have been my best bets for HELOCs. Ask for a "line of credit" which could be called a business line of credit of BLOC. I haven't gotten one closed in my properties held by LLC. Please report back, as I am also in Florida. Space Coast FCU and Community Credit Union of FL will do them in my area (not necessarily in LLCs, I haven't asked).

Otherwise, you might consider a DSCR cash out refinance.

Michael Cortez · Answer

No haven't tried anything. This LLC has been created for almost 2 years but haven't done anything with it. Can you point me in the right direction as far as what lenders I should research? I'm going to contact AA credit union tomorrow. I've been with them for about 10 years. I have a credit card, a heloc, and soon to be auto loan to pay off my lease that expires in March.

Erik Estrada · Answer

Have you tried doing a Business line of credit or an SBA loan?

Sanat Bhandari · Answer

@Michael Cortez Talk to local banks/credit unions for a commercial line of credit, that is likely your best bet since they can close in LLC

BEST LINE OF CREDIT OPTION FOR AN LLC?

4 Replies