Business Loan under EIN as Capital

[Alfonzo Roberts]

Are there Bank/Credit Unions that would approve a $250k business loan as capital for a real estate company with no real estate? There is one revolving line of credit under the EIN. I was considering taking $8k from HELOC on primary residence. Pay off personal credit debt to increase personal credit score and apply for business loan for capital/first unit. Is that possible?

[Kerry Baird]

Those darned YouTube promoters!  LOL

I have had two LLCs since about 2012, one owning properties in Texas and the other owning properties in Florida.  We recently formed a holding company to manage the LLCs.  All that said, I have business credit for one of the LLCs, in the form of business cards.  A few of these report to my personal credit, and the others only report to business credit.

I followed some of those step by step directions for setting up business credit, such as a Dun & Bradstreet plus a Nav account.  The MyFico website has a forum for business specific credit, under their community tab.  Really, it has been difficult figuring out how to develop this type of credit.