Updated over 12 years ago on .
Unsecured business line of credit
Im in the process of obtaining an unsecured business line of credit for $70K to use for a purchase, rehab, and flip opportunity. Unfortunately, I was not approved for the credit line, but was said to bring in a partner to assist in securing the funding.
My question is whether or not if I bring in my business partner, should I look for an additional purchase, rehab, and flip situation to make it worth while?
The numbers:
Total unsecured business line credit request of $150,000.00K
Currently have an REO duplex under contract for purchase price of $53,999.99
Itemized cost of repairs: $12K - $14K
ARV: Estimated at $99,000.00 - $105,000.00
For additional purchase, rehab, and flip situation locate an additional REO Duplex-Triplex for between $45K - $50K.
Potential Itemized cost of repairs: $10K - $15K
ARV: $105,000.00 - $115,000.00 (triplex)