Portfolio/commercial loan for land purchase

[James Stewart]

Hi: I just formed an LLC that has one asset currently, a single family home that was paid for in cash. I am looking to get financing through the LLC for the purchase of a residential lot. I understand this may require a personal guarantee. To complicate matters, I am self-employed and have only one year of income on the books as a contractor (previously was payroll employee), so I am limited as to traditional financing. I do have strong credit and I can put up to 50 percent down on the land purchase and I am also potentially willing to use the single family home as collateral, although I have to confess I don't have a lot of info about if/how this type of financing can be secured.