Is using credit card debt a bad idea?

Here is a hypothetical scenario for the borrower:Assuming the loan is against a 2-3 family rental bought with cash.New investor, first investment propertyOwned by an LLC (single member)Want to pull cash out for another deal.The single member would qualify for a conventional loan (good credit, low debt to income etc.)

The RMLO will provide you an underwriting  package with the following items: STATEMENT OF COMPLIANCE QUALIFIED MORTGAGE REPORT CREDIT REPORT PROOF OF INCOME REQUIRED LOAN DISCLOSURES SUPPORTING UNDERWRITING DOCUMENTS CLOSING DISCLOSUREThis underwriting package will also help you sell your note for top dollar if you ever choose to shop it!

This makes their pro-forma numbers look better on the exit.In addition to this, there are lots of incentives for new development (tax credits, grants, TIF funds, etc.), so depending on the project there could be some degree of subsidization.ROI does not take into account time/effort. 

Try the local credit union.  

I was listening to one of the biggerpocket podcasts last night and the guest mentioned that he took a commercial line of credit against multiple properties.

My credit and my wife's credit is good but there is no way we can afford monthly payments on this land.

Right now i have a good bit saved up and i make $700 a week minimum plus i have a cosigner with great credit, but still i am having trouble getting a preapproval because i have no credit built up.

However, if you will need financing then things like credit score, cash for down payment, W2, ... etc are important for you to qualify for a loan.

Hi,I need guidance on how to get business lines of credit.