Line of credit for fix and flip

[Bob Okenwa]

Hi BP,

I've been curious as to opening a line of credit for my fix and flip business and wanted to know what is the best way to go about getting one. This would be a personal line of credit as the business LLC is not yet formed. Should there be 1 big line or get multiple lines that add up to a big amount? Can money from this line be used as a down payment for a hard money lender?

Should I go to the big banks? Credit unions? Local banks? Any recommendations? Is there one that gives bigger lines than others? My business partner would be applying for it and he has no debt other than around 15k left on his student loans, 75k salary, and a 750 credit score.

Sorry for so many questions, but this has been on my mind for a while. Thanks!

[Account Closed]

@Bob Okenwa Hi Bob, 1st Bank on Bell at about 59th is investor friendly for fix & flips. Ken