Business Line of Credit

[Joseph S.]

Hello,

My wife and I successfully purchased our first duplex! We have now created an LLC and are going to open a bank account. I have read that a creative way to purchase properties is through a business line of credit. I have also read that there are different strategies to improve that credit line.

Has anyone followed a step-by-step guide on how to improve the LOC? What are some of the processes that you worked through to enable you to have cash on hand when necessary using your business LOC?

Thank you in advance for the help and the suggestions.

Joe

[Jason Shackleton]

@Joseph S.

A true business line of credit is not easy to obtain. You are going to need two years in business and a profitable track record with enough monthly deposits. What you would likley be able to get is a ULOC or a product better known as credit card stacking. I am assuming you want to build business credit. The lines one can open in a business name is more expensive than the lines you can open in your personal name.

Hope this helps