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Updated over 4 years ago on . Most recent reply

User Stats

92
Posts
41
Votes
Kristy Farmer
  • Investor
  • Galveston, TX
41
Votes |
92
Posts

Financing a lot development and purchase of lots - RV

Kristy Farmer
  • Investor
  • Galveston, TX
Posted

I am plagued with how to finance the purchase of lots and development of RV pads, landscaping, etc.  I was told the only way to finance this is through a local bank with a personal loan.  It occurred to me that maybe I should set up a bank account in my business name to build credit.  Are there any creative financing strategies for this that I could use? Drawbacks of using my business account to build the credit?  I just want to make sure I think of every aspect.  I am sitting down with my local bank early next week to discuss the options.  Because the deal in the works, I am purposely being vague on the specific details.  Thanks in advance for any advice!

Most Popular Reply

User Stats

92
Posts
41
Votes
Kristy Farmer
  • Investor
  • Galveston, TX
41
Votes |
92
Posts
Kristy Farmer
  • Investor
  • Galveston, TX
Replied

@Jay Hinrichs:  We actually had a construction company with experience in the mix at that time, roughly 3 and 1/2 years ago.  It was only for one lot anyway and not a large park.  It was just to see if we could do something simple that cost less and was right in our back yard.  I only needed $25k at the time.  I"m very glad I didn't do it because that family has been torn apart, and the business dealings would have been impacted.  I always pay attention to what you write in your posts etc.  I appreciate your no-nonsense approach and not sugar-coating the reality!

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