Business loan with my New LLC

[Jigna Thakkar]

Hi There Fellows,I have just started an LLC .and i would like to get a loan.My Credit Score is around 653 From Trans Union.

Am i Eligible For a Loan.

Or Can my Manager Give become the guarrantar of this Loan.His Score is 700+ .

If My manager or my employer become the guarantor,What Documents Will be Required,

Also what will be the Best Place to get a loan and How much loan can we get.

If we are unable for a loan.

How to get a Business Credit card with atleast $10,000+.

Please Guide

[Account Closed]

@Catherine Javier A new LLC just to hold the rental property is totally fine. You will need business loan or called commercial loan to purchase the properties. Yes, you will get higher interest rate than getting conventional residential loan under your personal name. It's about 1-1.5% higher. Getting a commercial loan is easier as it does not require your W2 income and tax return for underwriting. As long as the property cash flows and you have the down payment (minimum 20%) in the bank account, you are good to go. In addition, the loan will NOT show on your credit report, so it will NOT affect your DTI.