Hi,

Has anyone used a business line of credit to buy there first property? I'm trying to decide if I should do a home equity line of credit or a business line of credit. I currently have an S-Corp and want to use it to it's capacity in investing in property. Also can anyone tell me how to put the investment property into the Corp. name. I'm stumped on this because all lenders want a personal guarantee.

Thanks in advance,
Jackie

I know of a Line of Credit up to $50,000. No income verification, no asset verification, unsecured and revolving. This tool has helped me pick up some great deals. Prime Rate. You qualify it is yours forever. Contact me if you are interested.

Kevin

Hi Kevin please give some more information on how to get a fifty thousand dollars line of credit to purchase properties.


Thanks
Sharma

Hi Sharma,

Contact me at businesscredit@sendfree.com. I can help you establish $200,000 in revolving business credit.

Jeremy

Kevin, I am also interested in the business line for $50K. Please send additional info.

Ben

I received in the mail marketing promotions from our bank Wachovia and an Wells Fargo. Wells Fargo is for a 100,000 credit line at Prime plus 1.75% and no cash advance fees. Wachovia is offering 50,000-250,000 at prime 0.50% with no annual fee. Can anyone tell me if these are the best deals in terms of interest rates. I never did this before so I need some advise as to the pros and cons of such a loan and using one to buy investment property.

Thanks.
Jackie

Hi,

I would like information on this line of credit. It would be a great asset to me because I have an S-Corp as well. Thank you in advance!

I think you are looking at two different type of loans. A true business loan will be in the business name, secured only by the assets of the business. I too bank at Wachovia, and something they are pitching is the business line of credit, secured by your home equity. It's really just a home equity line of credit, guaranteed by you, and they toss your company on it for good measure.

My loan officer let it slip the other day they have prime - .5%, on the home equity, so ask for that and yes its a great loan, and I think that goes up to $100k. Over that its a little more, and I think the only cost is a title search, recording and maybe an appraisal when you start getting the higher loan amounts.

This is a great way to go to buy a house, opt for the interest only payment on that too, to leave you breathing room on the payment when you have a vacancy. Also, you have to watch your statements. They come sometimes with no payment due when you pay more than the minimum. Don't fall for it, interest accrues daily, so always pay.

Once you buy a house, they will do a loan for 90% of your purchase price on the renta, so get one of those, and pay down your line to free it up again. The rate is only about a 1% higher on the rental. They will do this for about four or five houses and then they will shut you down.

I thought a business loan, especially a corporation, would be seperate from all personal assets including your home. I want to use the corporation's buying power. I read that you can get a $50,000 business line of credit for starting up new businesses. Is that true?? I am trying to decide if I should get a HELOC or do the business line of credit. I need some concrete pros and cons.

Thanks for the Wachovia tip dk.

Jackie

Hi Kevin please give me some information on the 50k line of credit.

Thanks Aaron