Franklin, IN · Member since 2018 · 7 posts · 2 votes
I have not heard much or been able to find much of anything on obtaining business credit for rental property LLC business. Does anyone have any idea on how to do this so your personal credit does not have to be used?
Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
8y
You don't. For the first part of an LLC you will probably have to guarantee loans made to the LLC personally until it gets some history. Small business loans are not made for real estate in most cases they are usually done through commercial real estate loans which will not have the nice 30 year term in most cases.
Memphis, TN · Member since 2015 · 35 posts · 30 votes
8y
Understand there is Business credit and then there is corporate credit. Business credit requires a guarantee which means your personal credit must be good. They also offer 0% interest for 6-18 months.The good thing is that it reports to your business credit reports. Corporate credit is based on the strength of your business credit reports only. I have a cash business credit card without a guarantee.
Franklin, IN · Member since 2018 · 7 posts · 2 votes
8y
I'm trying to build up enough business credit and cashflow through my rental properties to get a bank to give me a business loan on storage unit facility. I suppose the first step would be to try to take a credit card in the business name right?