Business Line of Credit (Who is best)

[Nathan Frost]

Hi, I have about 13 rental properties likely 14 by end of the summer.  Where is the best place to apply for business line of credit say 30-70k.  I don't need it immediately but likely in case of emergencies or vacancies.  Any advice is warranted on where to get this.

[Clayton Silva]

I can't do a business line of credit, but depending on your income/credit etc we can do HELOCs on investment properties if that is something you are interested in (can't do it in TX though so if all your properties are there I may not be able to assist)

[Nathan Frost]

I have 2 in Oklahoma but keep being told they have to be in my name and not my LLC. Extremely frustrating.

[Clayton Silva]

Small hurdle, we typically see people QCD into their personal names, secure the HELOCs, and then switch back to LLC. We also have HELOANs and HELOCs that can fund with the LLC in place I believe, but they are not as fast/good/easy as the ones that fund in personal name.

[Nathan Frost]

Quote from @Clayton Silva:

Small hurdle, we typically see people QCD into their personal names, secure the HELOCs, and then switch back to LLC. We also have HELOANs and HELOCs that can fund with the LLC in place I believe, but they are not as fast/good/easy as the ones that fund in personal name.

Lets do it.  Looking for 30 to 60k.  I have 13 rentals.  Only 2 in Oklahoma though.

[Nathan Frost]

Quote from @Clayton Silva:

Small hurdle, we typically see people QCD into their personal names, secure the HELOCs, and then switch back to LLC. We also have HELOANs and HELOCs that can fund with the LLC in place I believe, but they are not as fast/good/easy as the ones that fund in personal name.

Love to do this.  Is the QCD pretty easy and affordable?

[Clayton Silva]

Definitely varies by state/county but typically you can prep the deed yourself (fill out a form) and then it's like $100 to record it with the county. 

I'll let you know soon I have to QCD my primary this week into our trust haha but it's a pretty simple process so far. 

[Nathan Frost]

Quote from @Clayton Silva:

Definitely varies by state/county but typically you can prep the deed yourself (fill out a form) and then it's like $100 to record it with the county. 

I'll let you know soon I have to QCD my primary this week into our trust haha but it's a pretty simple process so far. 

I have an LLC but why put Primary into a trust?

[Clayton Silva]

Because I live in the stupid litigious state of California and I don't want my house locked in probate if something should happen to myself and my wife. It's to designate specific beneficiaries similar to a will so there is no confusion when we pass.

[Francisco Hernandez]

Quote from @Nathan Frost:

Hi, I have about 13 rental properties likely 14 by end of the summer.  Where is the best place to apply for business line of credit say 30-70k.  I don't need it immediately but likely in case of emergencies or vacancies.  Any advice is warranted on where to get this.

 Fund and Grow is what most people use in my circle. It works. They negotiate everything for you depending on your credit profile. They tell you upfront what they can get before you accept their service. 

[Nathan Frost]

Quote from @Francisco Hernandez:

Quote from @Nathan Frost:

Hi, I have about 13 rental properties likely 14 by end of the summer.  Where is the best place to apply for business line of credit say 30-70k.  I don't need it immediately but likely in case of emergencies or vacancies.  Any advice is warranted on where to get this.

 Fund and Grow is what most people use in my circle. It works. They negotiate everything for you depending on your credit profile. They tell you upfront what they can get before you accept their service. 

 Link?

[Kai Kopsch]

I use American Express business blueprint; they like to work with REI and provide funds ASAP

[Francisco Hernandez]

Quote from @Nathan Frost:

Quote from @Francisco Hernandez:

Quote from @Nathan Frost:

Hi, I have about 13 rental properties likely 14 by end of the summer.  Where is the best place to apply for business line of credit say 30-70k.  I don't need it immediately but likely in case of emergencies or vacancies.  Any advice is warranted on where to get this.

 Fund and Grow is what most people use in my circle. It works. They negotiate everything for you depending on your credit profile. They tell you upfront what they can get before you accept their service. 

 Link?

 Just google "fund and grow". Ive had bad experiences posting links in other forums. 

[Nathan Frost]

Quote from @Francisco Hernandez:

Quote from @Nathan Frost:

Quote from @Francisco Hernandez:

Quote from @Nathan Frost:

Hi, I have about 13 rental properties likely 14 by end of the summer.  Where is the best place to apply for business line of credit say 30-70k.  I don't need it immediately but likely in case of emergencies or vacancies.  Any advice is warranted on where to get this.

 Fund and Grow is what most people use in my circle. It works. They negotiate everything for you depending on your credit profile. They tell you upfront what they can get before you accept their service. 

 Link?

 Just google "fund and grow". Ive had bad experiences posting links in other forums. 

 I found them.  Is it a line of credit or credit cards?

[Francisco Hernandez]

Quote from @Nathan Frost:

Quote from @Francisco Hernandez:

Quote from @Nathan Frost:

Quote from @Francisco Hernandez:

Quote from @Nathan Frost:

Hi, I have about 13 rental properties likely 14 by end of the summer.  Where is the best place to apply for business line of credit say 30-70k.  I don't need it immediately but likely in case of emergencies or vacancies.  Any advice is warranted on where to get this.

 Fund and Grow is what most people use in my circle. It works. They negotiate everything for you depending on your credit profile. They tell you upfront what they can get before you accept their service. 

 Link?

 Just google "fund and grow". Ive had bad experiences posting links in other forums. 

 I found them.  Is it a line of credit or credit cards?

 They are a service. They find credit card companies that issue business credit for your specific profile. 

[Nathan Frost]

Quote from @Francisco Hernandez:

Quote from @Nathan Frost:

Quote from @Francisco Hernandez:

Quote from @Nathan Frost:

Quote from @Francisco Hernandez:

Quote from @Nathan Frost:

Hi, I have about 13 rental properties likely 14 by end of the summer.  Where is the best place to apply for business line of credit say 30-70k.  I don't need it immediately but likely in case of emergencies or vacancies.  Any advice is warranted on where to get this.

 Fund and Grow is what most people use in my circle. It works. They negotiate everything for you depending on your credit profile. They tell you upfront what they can get before you accept their service. 

 Link?

 Just google "fund and grow". Ive had bad experiences posting links in other forums. 

 I found them.  Is it a line of credit or credit cards?

 They are a service. They find credit card companies that issue business credit for your specific profile. 

 So no line credit?

[Francisco Hernandez]

Quote from @Nathan Frost:

Quote from @Francisco Hernandez:

Quote from @Nathan Frost:

Quote from @Francisco Hernandez:

Quote from @Nathan Frost:

Quote from @Francisco Hernandez:

Quote from @Nathan Frost:

Hi, I have about 13 rental properties likely 14 by end of the summer.  Where is the best place to apply for business line of credit say 30-70k.  I don't need it immediately but likely in case of emergencies or vacancies.  Any advice is warranted on where to get this.

 Fund and Grow is what most people use in my circle. It works. They negotiate everything for you depending on your credit profile. They tell you upfront what they can get before you accept their service. 

 Link?

 Just google "fund and grow". Ive had bad experiences posting links in other forums. 

 I found them.  Is it a line of credit or credit cards?

 They are a service. They find credit card companies that issue business credit for your specific profile. 

 So no line credit?

Business Credit cards will have a higher limit if your credit is in good shape and depending on how seasoned your LLC is. These services provide you with the opportunity to maybe land a 0% for 12-18 months card.

If you specifically like the thought of a line of credit then you are going to have to do it the old fashioned way and apply at banks and see what they offer you. All credit cards are lines of credit but not all lines of credit have a card attached to them. It really just comes down to each bank and what they are willing to do for you. 

Try banks that you already have a relationship with. More often than not, they are more accommodating to providing you with a more generous line of credit or terms. 

[Kerry Baird]

@Nathan Frost, I recommend looking at the MyFico Community tab, and going through the pinned posts at the top of the Business forum.  You can see which business cards report to personal vs report to business, and can search through their forums for best BLOC available.  People post their data so you can see what other folks are getting, what NAISC code to use, and so forth.  I haven't found very much on this site. 

I have found that I can apply for business credit cards, which enable me to do renovations or pay for utilities over a period of time, while I save up for down payments or what have you. I can also get points for my business with Chase or Amex. 

Business lines of credit in my experience will often be high doc, so you need to have your articles of organization, the EIN number from the IRS, any other mbr/managers may have to be signatory to the debt (vs non-PG), and depending on the bank, they often want to see business tax returns.  Some will use bank statements to show a year of income.  They vary quite a bit.  LLCs over 2 years old will be easier than LLCs under 2 years old. 

[Nathan Frost]

Quote from @Kerry Baird:

@Nathan Frost, I recommend looking at the MyFico Community tab, and going through the pinned posts at the top of the Business forum.  You can see which business cards report to personal vs report to business, and can search through their forums for best BLOC available.  People post their data so you can see what other folks are getting, what NAISC code to use, and so forth.  I haven't found very much on this site. 

I have found that I can apply for business credit cards, which enable me to do renovations or pay for utilities over a period of time, while I save up for down payments or what have you. I can also get points for my business with Chase or Amex. 

Business lines of credit in my experience will often be high doc, so you need to have your articles of organization, the EIN number from the IRS, any other mbr/managers may have to be signatory to the debt (vs non-PG), and depending on the bank, they often want to see business tax returns.  Some will use bank statements to show a year of income.  They vary quite a bit.  LLCs over 2 years old will be easier than LLCs under 2 years old. 

 MyFico Community Tab?  Where is that?

[Kerry Baird]

@Nathan Frost, go to myfico dot com and look for the tab that says "Community" rather than the aspects that provide your FICO score.  Under the community side of things are a bunch of forums, so scroll down to the Business forum.  Look at the top for pinned posts, one of which has business credit cards that report to your personal vs ones that report to your business score.

[Jamie O'Connell]

Ive used Key Bank. Pretty fast 30k approval with no questions really. I will say Key Bank is a bit annoying to work with (I was warned by guy who recommended and can attest personally that it's true) but honestly not a bad option. Im only 6 MF units and 1 year into it so my options are limited. They are based up north on east coast but prob work around USA. 

[Cliff T.]

Quote from @Kai Kopsch:

I use American Express business blueprint; they like to work with REI and provide funds ASAP

 What type of rate and terms do you have with Amex business blueprint?

[Kai Kopsch]

Quote from @Cliff T.:

Quote from @Kai Kopsch:

I use American Express business blueprint; they like to work with REI and provide funds ASAP

 What type of rate and terms do you have with Amex business blueprint?

Total monthly fees incurred over the loan term range from 3-9% for 6-month loans, 6-18% for 12-month loans