Business Lines of Credit, what can I do with one.

[Samson Kay]

I have a business line of credit of approx. 80K. Unfortunately, This is not enough capital for me to secure a property for a fix and flip in the area I am in because prices are well about this. In other words, even if a wholesale deal in my area even within the 65%ARV less rehab costs criteria, I would not have enough money to acquire and do the work using only the credit line.

My question is 2 fold:
1) Can I use the business line of credit as a down payment, then get a conventional mortgage like a 203K FHA to purchase and rehab the property.

2) Can I refi out to pay the loan if there is enough equity built into the property when the rehab is done.

Not really sure whats an effective way to use this line of credit, if all the wholesale properties in my areas are priced in the 150k range. Doesn't do me much good frankly.

Thanks as always for your input.