REI in Miami looking for Feedback on Business Credit

[Leo Maldonado]

Hi Everyone! 

Very excited to see so many discussions about REI in Multi-family. I am a big believer that with hard work and the right mentality with good intentions, you will all find the success that you are looking for.

On to my question, I am looking at a few things right now to get my family set up with a deal here in Miami. I am not limiting myself to here, and I am open to all parts of Florida. 

My qustion is in regards to Business Credit. I have an offer from a lender that is currently asking for a 12% fee and in return they will provide my business with 60k in Funding. 

While this seems like a great thing to be able to use that credit to finance a DP, what are the risks I am taking on? 

Also, has anyone else used this method of finanacing to get started?

[Wayne Brooks]

It is an absolute scam.  Either  1) you will get no loan whatsoever, or 2) It is some BS combination of "trade accounts" credit.....Office Depot, Home Depot, and other misc useless businesses......Not a cash line of credit.

Once you qualify for any kind of business line of credit, there will be No upfront fee, and more importantly it will be because you have established an Actual ongoing business that shows a profit, and consistent revenues over a few years.

Time to turn on your BS detector.