Updated over 2 years ago on . Most recent reply
Business Loan under EIN as Capital
Are there Bank/Credit Unions that would approve a $250k business loan as capital for a real estate company with no real estate? There is one revolving line of credit under the EIN. I was considering taking $8k from HELOC on primary residence. Pay off personal credit debt to increase personal credit score and apply for business loan for capital/first unit. Is that possible?
Most Popular Reply
Those darned YouTube promoters! LOL
I have had two LLCs since about 2012, one owning properties in Texas and the other owning properties in Florida. We recently formed a holding company to manage the LLCs. All that said, I have business credit for one of the LLCs, in the form of business cards. A few of these report to my personal credit, and the others only report to business credit.
I followed some of those step by step directions for setting up business credit, such as a Dun & Bradstreet plus a Nav account. The MyFico website has a forum for business specific credit, under their community tab. Really, it has been difficult figuring out how to develop this type of credit.