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

[Greg Kasmer]

Micah - I think the loan size mentioned by EJ is real... I would call 10-15 local banks and credit unions and ask to speak to their business banker about business loans in LLCs. They should be able to let you know about their general terms as well as loan size. I have two locally that I can call for that loan amount, but I had to sift through a lot of "Nos" before I found one. Good Luck!