Loan product to avoid impending failure??

[Tony Pellettieri]

Based on the research I've done, I believe we need a Bridge Loan. What do you think? Details below...

We need a FAST cash-out loan product that requires only the personal guarantee of my business partner (60% ownership) to be used for: completing the remaining rehab and getting the 1st house rent ready, paying off revolving credit accounts to get her credit score up, and funding the other projects we have in the works.

To help bring you up to speed on what's transpired over the 11 weeks we've been in business...

We started our business on Dec 1, 2023, leveraged our "then" good credit/high w2 incomes to bootstrap the startup, assembled a rehab team, and are now about 2 weeks out from the completion of our 1st rehabbed property.

We've closed on 3 properties, all owned free/clear, and have paid for renovations with personal funds/credit.

My credit score was 810, but is now 592, due to excessive debt but 100% on-time payments, therefore can't personally guarantee a loan.

My business partner's score is currently in the 700s, but likely wont be for long, due to her revolving credit % continuously increasing, as we push towards the completion of the first rehab utilizing her remaining credit on her CCs.

Recently, I started researching the underwriting timeline for DSCR loans. Having just found out when credit is pulled and the appraisal is done in the loan process, I now think we may not be in an ideal position, and potentially not in a position at all, to take out a 30 Year Loan in the coming weeks.

I believe adjusting course, at least temporarily, may be the only way to continue moving forward. I foresee us being stopped dead in our tracks due to mutual insufficient credit scores in the near-future and the inability to perform a cash out.

Any input would be much appreciated. Thank you