Feeling lost- Business Line of Credit for LLC w/ 4 years of rental history

[Daniel Hartz]

I'm looking for a source for a business line of credit: I have fair (560-640) credit, but also quite a bit of equity and rental income history across two properties. 

So I've been slowly working the rehab on an investment property purchased back in 2020 in El Paso. Formed an LLC to purchase the property using a hard money loan (about $60k) and I'm still paying the mortgage and rehab expenses from my personal funds. These expenses have dropped my personal credit. I owe $55k and expect it to appraise around $110. My property manager expects $800-$100 to be a reasonable rent to charge.

The property is in it's final $2-3k worth of rehab before it's ready for a tenant. My property manager has managed my other residential rental property, which has two units, since 2019. The other property was originally purchased with a VA loan and has had full occupancy since June. Equity in this property is about $70k.

I feel like I have enough equity and experience here to get some kind of HELOC or BLOC, cash-out refi isn't working due to my personal credit and stupid high rates. Am I completely adrift here? I can practically see the cash flow once I get this place finally fixed, but I've run dry on personal funds to keep it afloat.

[Kerry Noble Jr]

Do you have Key Bank in your area?? they have a no doc business line of credit for under 50K.....