Ways to obtain capital in the name of LLC for new business.

[Vu Nguyen]

My wife and I are in our first year of investing and started purchasing property in AL in June 2020 and now have 5 single family homes and are mostly utilizing the BRRRR strategy to hold our properties as rentals. We are looking to purchase 10-15 units in the next year in AL and TN with a combo of SFRs and multifamily homes. We are currently moving all of our business operations out of my personal name and into the LLC (business bank account, mortgages, titles, etc) which was formed in 10/2020. This makes the most sense for us to do this early for liability protection.

We have been using a HELOC and hard money lenders to fund our purchases and rehabs. I would like to decrease our dependence on the HELOC to not expose my primary residence to this risk. I have been researching and speaking with multiple lenders about obtaining a business line of credit but it's difficult to qualify for one when...

1) We have too many credit inquiries from multiple loan applications (I'm in the process of trying to have those inquires removed with a company)

2) Our business is too new (less than a year old) and we don't have an established business credit history yet.  

3) Our business does not generate enough income yet (usually need 8-10K in profit a month to qualify)

Does anyone have any advice on how to move forward with obtaining a business lines of credit or working with a local bank or credit union as a new business to fund deals? I'm looking to open accounts only in the name of our LLC at this point. Any help would be much appreciated.

[Ben Bolin]

@Vu Nguyen I am in the same boat myself as I have had to many inquiries as of late so my credit has dipped. My initial idea was to wait out the inquiries and then try again but what company are you using to take care of these in a quicker fashion? They are really just speeding up the process in a sense so do you know what they charge?