BizLender
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About Me
I offer business lines of credit in packages of $100K. The package includes a corporation (you will own all stock) that has $100K worth of unsecured bank lines of credit.
Business lines of credit are a great alternative to hard money if you expect to do multiple flips. The origination fee is typically more than a hard money loan. However you pay it only once because the lines of credit are revolving. Add to that the fact that the interest rate on the outstanding balance is only prime plus 2% - 5%.
When you run the numbers for multiple transactions, you will see that you can save tens of thousands using lines of credit instead of hard money.
Last, there is no qualifying on the part of you, the borrower. The credit is in the name of your corporation only, not you personally.
See my article, Business Credit for Rehab Flippers; Better than Hard Money Loans?.
Paula Serber
BusinessLoanCafe.com
866-880-8808
619-793-5559