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Updated over 2 years ago on . Most recent reply

User Stats

7
Posts
1
Votes
Bryant McClellan
  • Little Rock
1
Votes |
7
Posts

Business Loan or Equity from Personal/Investing Property

Bryant McClellan
  • Little Rock
Posted

I'm trying to decide which route to take, I have a new LLC trying to build business credit. I purchased a duplex using my personal credit, trying to decide which would be the best approach in getting more properties. I talked to a few lenders that don't give HELOC on duplexes. I found one lender who suggested to refinance my duplex and pull 100k from the equity and change it to a conventional loan with 5% APR. I'm at 2.99% with my FHA, I understand I only can have one FHA loan at a time. They he stated I should apply for a FHA loan with the next purchase property with 3.5% down payment. I'm unsure, do anyone suggest where to look for a business loan at? I established the business May 2021, not sure if that long enough to apply for a business LOC. I need some guidance with this please help. Thanks

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