Commercial/Business Line of Credit

Commercial/Business Line of Credit

Flipper · Elmhurst, IL · Member since 2011 · 96 posts · 23 votes

I'm looking for information on how to get line of credit to purchase rental properties. My plan is to use line of credit for purchase, use my own money rehab, lease it out and refinance use conventional mortgage. I tried one of big banks, but they require $100k annual revenue. Next I will try small local banks in my area. Would love to hear your experience. 

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  • Rental Property Investor · Saint Charles, IL · Member since 2014 · 304 posts · 222 votes
    8y

    @KC Zhang try Fund and Grow do a quick search.

    I received >250k in approximately 9 months. 

    and @Bob Green who I have not used yet.

    Local banks and portfolio lenders also a good option-let me know if you find anything local worth while.

    Best of luck!

  • Flipper · Elmhurst, IL · Member since 2011 · 96 posts · 23 votes
    8y

    @Ashley Pimsner thanks for your information. I check fund & grow, looks like a good place to get line of credit if you are willing to pay the 4k fee. 

    I will let you know if I have any luck with local banks.  

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