Cash for Real Estate Investing
One of the most common questions I have been getting lately is “How can I get the cash I need to fund my real estate deals?”
This post is for those of you looking for a fast and effective way to get the cash you need to execute your deals. Now I know there’s quite a bit of information you can find on the internet covering all the different ways you can get funding for real estate investing such as private lenders, hard money lenders, etc.
But with private money and hard money lending there can be collateral you need to put up and they want a large percentage of your profits. Other ways include getting a traditional line of credit from your bank or credit union but that comes with its own challenges as well.
With a traditional business line of credit, most major banks such as Wells Fargo, Chase, and Bank of America require a great deal of documentation and impose a high level of scrutiny. Documents such as business tax returns, personal tax returns, a Profit and Loss Statement and collateral are always part of the application process.
Traditional lines of credit also require an annual financial review to keep the credit line open. At anytime the bank can also cancel the line of credit and convert the outstanding balance to a term loan.
So is there a better way to get the cash you need to fund your real estate deals?
You bet! One of the quickest ways without the typical bank restraints or using your own money is through our Real Estate Line of Credit Program.
Here are the basics of the program
- Underwriting based on individual FICO® Scores NOT past business performance
- Underwriters do not look at what the business has done, but what the business COULD do if properly funded
Our program issues unsecured business credit lines up to $200k and can be funded quickly. Usually within two weeks and DOES NOT require income verification, financials, tax returns, profit and loss statements, collateral, or bank statements.
This program is for clients that have 680+ FICO® scores and no negative items on their credit reports such as judgments, bankruptcies, etc. This is strictly a FICO® based funding program that allows you to leverage your strong scores to obtain unsecured lines of business credit. Credit partners can also be used to qualify if your scores do not meet the guidelines.
Other requirements include the following:
- Minimum of one personal credit card reporting with a $2,500 limit
- Favorable credit utilization ratio
- No excessive inquiries
- Must have a separate legal entity (Corporation, LLC or Limited Partnership)
Now the advantages of using these unsecured business credit lines for real estate investing are extremely beneficial. You can use it to invest in real estate, pay off balloon notes, rehab properties, purchase a business, or any other business related expense.
Other benefits include:
- These are open lines of credit (no set payoff time)
- No interest for 6 to 18 months
- No upfront fees
- Can be used and repaid over and over
- No annual reviews or requalification
- No reporting to personal credit reports (only reports to business)
- No restrictions on use of funds – purchase property, purchase notes, or rehab property
- No collateral
- No appraisal
The prequalification process takes as little as 24-48 hours and actual funding can take 14 business days. This by far is the quickest way to get cash for your real estate deals.
For more information on the BCIC Business Line of Credit Program or other funding and business credit building programs contact us today, or to get started now fill out your contact information below and a funding specialist will contact you within 24 hours.
To Your Success In Business and in Life!
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About the author
Marco Carbajo is a business credit expert, author, speaker, and founder of the Business Credit Insiders Circle. He is a business credit blogger for Dun and Bradstreet Credibility Corp, the SBA.gov Community, About.com and All Business.com. His articles and blog; Business Credit Blogger.com, have been featured in ‘Fox Small Business’,’American Express Small Business’, ‘Business Week’, ‘The Washington Post’, ‘The New York Times’, ‘The San Francisco Tribune’,‘Alltop’, and ‘Entrepreneur Connect’.