LOC for Rehab needed only

[Jose Vasquez Dickson]

Hey, BiggerPockets! I'm Jose and I've been wholesaling for almost 2 years. Recently I've been working to get all my ducks in a row to start BRRRRing SFH here in Central FL. Everything is already good to go (the refi, the rent strategy, and the GC) except for the first piece of the puzzle: the Buy. I am a real estate investor full time and the last time I worked in a W2 job was on May 2022. So my only income at the moment is my wholesale business. I currently have around $25k liquid and holding onto as much as I can in case it's needed to be approved for any type of LOC.

Yesterday, I did a PML pitch to a long-term experienced investor and he agreed to fund 100% of the purchase but I need to come up with 100% of the rehab. So I want to use a LOC for the Rehab portion only. The LOC will help me for maximum scalability and not decapitalize my own funds in case of emergencies such as going over the rehab budget or getting approved for a LOC. I have some options in mind that I'll explain below of my situation and I wanted some help to see how I can get access to these.

HELOC
- I have a condo in Orlando that is under my personal name and it's owned free and clear. I would love to get a HELOC on it but when calling around to lenders, they all tell me that my LLC (wholesale business) needs to be at least 2 years in age. It will be 2 years in August 2023. This condo is worth around $190k so I could get a HELOC of around $130k which would be perfect! Are there any lenders that you know that might help me with this?

Business LOC
- Is there any business Line of Credit that I'm able to use for the rehab portion only?

Any other options
- I'm open to hearing any other options that can help me to fund the rehab portions of the SFH BRRRRs that I'll be doing. The rehab would be around $30k-40k for every project (estimated).
- I'm going to continue calling around lenders but I thought I ask BiggerPockets as you guys are always so helpful!

Thank you for reading all this! Thank you in advance for any comments and suggestions!