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Updated almost 8 years ago, 01/01/2017

User Stats

9
Posts
1
Votes
Robert Peeples
  • Jacksonville, FL
1
Votes |
9
Posts

SBA financing for first time real-estate flipper

Robert Peeples
  • Jacksonville, FL
Posted

I want to flip houses. Could I create an LLC or Scorp, open a SBA unsecured business line of credit and use that line to finance the down payment and reno cost for the flips?

Background- I'm 28, work full time, married, wife works full time, no kids, we each have employer retirement plans that we don't want to touch. We own our home but no equity for heloc or collateral. I have no personal money to use to start the biz and I don't want to have to secure a hard money deal.

Thanks

User Stats

5,680
Posts
3,422
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Chris Martin
  • Investor
  • Willow Spring, NC
3,422
Votes |
5,680
Posts
Chris Martin
  • Investor
  • Willow Spring, NC
Replied

They don't lend for real estate investment purposes. See also:

User Stats

23,418
Posts
13,506
Votes
Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,506
Votes |
23,418
Posts
Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

Nope.

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User Stats

9
Posts
1
Votes
Robert Peeples
  • Jacksonville, FL
1
Votes |
9
Posts
Robert Peeples
  • Jacksonville, FL
Replied

thanks for the feedback