Updated about 7 years ago on . Most recent reply
LOC, lines of credit, purchasing property,
I am working with a company that is getting LOC on my behalf. I want to use the LOC to purchase my first investment property to flip. Anyone have experience with this process? I know that this process is going to ruin my credit score in the short run and I am worried about needing to go to a hard money lender later.
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The hard money folks will require that you put up some of your own money. they don't check your credit. What they will lend you will be based on the deal financials and their relationship with you. So, you can tap some of the LOC for the cash you need on your end and the hard money for the rest. Then you'll have the LOC for any potential overruns. Just plan things out so that you aren't extending yourself.