Any suggestions on banks?

[Justin Priestly]

My wife and I have currently been house hacking the past 2.5 years and are ready to start scaling things up (any scaling advice would also be greatly appreciated). Our LLC has been established for 3 years and we are looking to start building credit for the buisness.

We have been figuring things out as we go and have come to a roadblock with our current credit union who holds our buisness account. They do not do businesses loans of any type. 

We live in Ohio and I am curious if anyone has any suggestions on where to move our property buisness account to? 

[Marc Rice]

@Justin Priestly

There are many commercial lenders who will lender purchase price + rehab cost for a 13 mo term where you would then refinance out. Those are high interest rates but ideal for BRRRRing. Regarding a business line of credit for additional rehab costs, you may want to check with a local community bank although many will want 2-3yrs of business record to extend credit.

Overall Columbus is a great market, it’s getting harder to find BRRRs that meet the full 70% rule but the city is growing and appreciating. I recommend to find your core 4 here in Columbus if you’re thinking of expanding.