Business Line of Credit involving personal properties

[Keith A.]

I have properties in both my personal name and business LLC name. Some of the ones in my personal name have conventional financing and others are free and clear. Similar with the ones in the LLC, some with private loans and others are free and clear.

I would like to get a business line of credit to help with acquisitions and grow the portfolio. My question is will they look at the properties in my name as well as the ones in the business LLC or only look at the business properties and their performance? I was putting together information for this and didn't know whether to include the personal ones. Also, does it make sense to move any free and clear properties in my name to the LLC so it shows higher revenue? Thanks in advance.

[Charlie Miller]

I just (fedex'ing paperwork today) established a business line of credit on a single-property LLC. My paid-off properties are in LLC's. The mortgage bank I usually use wouldn't do HELOCs on investment properties but they referred me to Synovus Bank. As long as the LLC is at least 2 years old, Synovus will offer up to $49,999 just based on your personal credit score and a one-page application. If you want a line above $50,000 you will have to provide more financials. Rate is Prime + 1.5%. The line is reviewed annually with total term of 5 years. Any balance after 5 years jumps to 18% so I'll be sure not to carry a balance after the maturity date. Total fees Florida Doc stamp $173.25, Comm LN Origination Fee $495.00, Comm LN Fee $300, UCC Future Release $10, UCC Fee $35. Total to close $1013.25