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Updated over 16 years ago,
Need advice, finding good APR on money, showing small income
Here is the deal. We have a small business that is doing OK but my debt pretty much gets buried in the business so my income statement is next to nill. We pretty much buy enough to offset the income so as to grow the business faster.
We generally either had jobs for lending or had cash around for investments but that has been light lately. We have a big investor involved for other financing but his money is miles of red tape and expensive. My only real option right now is credit cards. The rates are good under specials but the payments are hard to sit on at over 3X what a 15yr mortgage would be.
I guess my questions is, is there a way to secure funds with my assets in the business without showing in income? I only talked to a couple lenders and they said N O! They just want a paper trail to show repayment method. So can you see any other options here? We are looking to buy a few homes at around 50K each for short term flip homes of that helps.
The only way I though to make this work is pull enough off the credit cards to secure the property and also subsidize the payment as well. seems risky but the interest is good, there are apps, approvals, etc. Now if I could only get a credit card to do an interest only on a short term....