Making Equity Liquid..
Ok the goal is to get a 50k revolving line of credit in my business name. Here is what i am looking to do...
I have a property in my personal name appraised at 65k. There is no mortgage on it. I want to transfer to my company name. My company has excellent credit but has only been in business for 18 months. My personal credit is poor. My company is looking take on a credit partner so that we will be able to get a HELOC to purchase more property.
Will this work? Do you see a better way?
[ Edited by bankboy on Date 01/10/2008 ]
What excellent credit references does your company have? Did you fully explore those options for a line of credit?
In my experience the bank will check all owners of the company with over a 10 to 20% ownership in the company. So unless your new credit partner is going to own most of the company (and the assets in that company) I would work on improving your personal credit and strengthing your current business credit.
I have had good success with Apollo Mortgage Group and Windsor Capital. Easy application, very few hassles, timely funding.
Pentagon Federal credit union, bank of america and ABN were easy for me all no docs. Biggest pain was Chase mortgage. They asked for a ton of documentation on what was supposed to be a no doc loan and then tried to shaft me big time on interest rate.
I almost always use a broker for funding real estate acquisitions. I have a very good one and he has been able to keep the demands for information at a minimum, plus he has business relationships with many of the lenders.