Business Line of Credit Options

[Keith H.]

Hey Bigger Pockets! Need some advice on the next step with financing. I currently own 3 single family houses with a business partner. We're both 50/50 split in the venture. We purchased the first two with cash and financed the last one on his personal HELOC. The first two are rented and we're half way through the renovation on the third one. Our goal is to get a business line of credit so we're not using his personal HELOC within the business. Do you have any suggestions on getting a business line of credit that would be secured against the houses and NOT personally guaranteed by the both of us? We'd like to limit our exposure to the business assets if possible.

To give you an idea of numbers we each have $46k in cash invested ($92k total) and the third house will run us around $60k once it's renovated.  I conservatively think the three houses are worth around $200k We're currently getting combined rent of $1400/month on the first two houses and the third house should add around $900/month to that number. 

What do you think?  Any tips? 

[Michael Prout]

Hey Keith H.

Not sure if you already got your Biz line of credit, but I just hooked up with one of my previous bank account rep and he has a program that you can get up to $150K @0%.

No VOE, VOR, DTI, Assets. True NO Doc. Need a min 680 fico score. 24 pre-approval with Tri-Merge credit report. If you want more info, let me know.

Michael Prout

Proutax Financial Services