Short-term financing needs

[Ryan Morrissey]

I have a small portfolio of 18 rental units in Fall River and New Bedford (Massachusetts) which I purchased a little over 1 year ago. These buildings were in somewhat of a distressed state including several vacant units needing work and many non-paying tenants. The return on these properties once stabilized are really good, but getting there has been a challenge. At this point I am very close to what I think is a stable point, having evicted 7 tenants and turning over 12 of 18 units. New tenants that I’ve placed through my property manager have been much better.

Here is my question though...I am now running somewhat tight on working capital after a year of putting in all this work, and I still have another 3 evictions in progress that will require another $10-15k in investment to turnover. Is anyone familiar with any type of line of credit product that I could leverage to help get through this final phase of stabilization? Or are my best options going to be a personal loan and/or credit card advances or something like that?

[Charlie MacPherson]

@Ryan Morrissey I'd recommend talking with Rockland Trust or any of the other local banks like Bridgewater Savings, Eastern Bank, etc.

Talk to their commercial loan departments, describe what you need and see what they offer.  Ask about community reinvestment funds.  There are programs that require some of these banks to invest in their local communities.  That could be a good fit.