With multiple partners, I have 3 projects in the works. One is complete and on the market for sale with offers coming in, one is complete and awaiting inspection for rent, and the third is still undergoing rehab. I'm also the owner of two rental properties by myself. Trying to grow the business, but the majority of my personal capital is tied up in the ongoing deals. Any suggestions as to where/how I can get a BLOC to use for purchase and rehab of properties? I've looked into companies like CoreVest, but I'd be interested in advice from some experienced investors.
Commercial Banks and the FDIC hate real estate investors. If they see that the use of the proceeds will go to real estate investment, they usually run the other way. Companies like Corevest are built for that type of lending, but they are going to be a bit more expensive than local, community banks. There are several like Corevest. I would shop them until you find the right fit, but understand that it will be a bit higher than bank rates. Good Luck!
@Doug Smith Thanks for the advice. I'll look into it.
I've got two biz LOCs. Just locked up my 2nd last month. Though, I agree they are hard to find, but yes, they are attainable. Unlike comments from a previous poster, the bank doesn't even ask what the funds are for. Oh and did I mention these are UNSECURED lines? My advice is go to a regional bank.
@Dave Rav thanks for the comment. I will look into it.