Difficulty to get loan for new LLC?

[Micah Wieden]

Situation:

How to acquire a loan with a new LLC unable to approve income?

Scenario:

1. Own property and needs full renovations

2. Class C/D area so looking to rent out after Reno done

3. House debt: 7500.00

4. ARV: 75000

5. Want to pull 60000 and use 40000,including paying off lenders, for reno and apply remainder towards next property.

After BRRR, how am able to get financing for another property?

Alton, IL