Investor · Columbia, SC · Member since 2015 · 6 posts · 1 vote
Recently, we bought a house under our LLC for around $5,000 and we paid cash. Now we need to put around $18,000 into it (fire damage) to get it ready to rent. The problem is, this is our first purchase and because we need more money than what the house is currently worth, we're having a hard time finding financing. Our LLC hasn't been in business long enough for the bank to give us any more than a $4,000 credit line, so we still need $14,000.
We're confident that once we get the property fixed up we can refinance it and pay any other loans off and still have money left over.
Any suggestions on how we could get financing for our rehab? Any suggestions would be greatly appreciated!
Yes, it's a challenge to get bank loans with minimal years in business. But, since your amount is less than $35K you could try the below lenders for a personal loan.
@Linval T. took the words right out of my, uh, fingers.
You can also look to friends/family for private loans, or if your deal is pretty good you may seek out a hard money lender. If you already have ~$9k in of the total $23k it will need you might fit within their models.