I have a question regarding a financing option that I may have. Currently, I have a business that has been in operation for over 3 years with a good history of revenue/profit. I've had a business credit card for a couple years but have yet to apply for a line of credit since the need never arose. Until now, I never thought about being able to use my current business as a way to leverage purchases.
Here is my uncertainty. I would need to have a large enough line of credit to pay a down payment and fund renovations. Then I would need to figure out financing for the remainder of the purchase price. I would assume this would be through the business as well. Additionally, I would want to transfer this property to a new LLC solely for the property to protect my original business in the future.
So, in short. Has anyone purchased a property through their business with a line of credit? Also, has anyone transferred a property from one LLC to another and what does that process look like?
Thanks in advance!