Updated over 2 years ago on . Most recent reply
Business LOC & Business Loans
Good morning BP family! I have a question that some of yall hopefully may be able to answer. Ive been trying to find and get approved for a business LOC/loan but I am having no luck in getting approved. The reason I keep getting denied is because I have "Real Estate" in my LLC name and also because the business im in is real estate. They keep telling me, because my business is related to the "real estate industry" I have to have properties already available to put up as collateral. So my question is, what type of industry is your LLC in to be able to get approved for a LOC/Loans? Thank you so much for yalls help.
Most Popular Reply
Hi Jared,
It might be the banks you are looking at. When I started my real estate company, I got my first BLOC with BB&T (Now TRUiST). They were VERY business-friendly and were ok with my plan. I was given a $40k BLOC backed by cash I had available. Subsequent loans were easier to get due to history and more collateral. Keep checking and don't give up!