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  1. #1

    Fix and Flip Business Looking for Line of Credit

    I'm working with a new client that has a fix and flip business. I received the referral from the client's daughter who I helped obtain an SBA loan for back in 2017.

    Client is most interested in a line of credit that he can use as working capital to purchase fixtures, supplies, etc for fixing the homes he purchases. Right now he is using credit cards for these purchases then paying them off once the home sells.

    He has excellent credit.

    I have settlements statements from his last 3 deals, each home is selling $1.5-3 Million as well as his last 6 months of business bank statements.

    Not sure if there's a LOC product out there for a business like this.

    Please PM me if you can help!

    Thank you.

  2. #2
    Just pm'd you.

  3. #3
    Senior Member Reputation points: 34509 Jstarr's Avatar
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    South Florida
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    Well, we have several options for him - If hes doing at least 15 flips a year, i could extend him a $1MM LOC, Option 2 is, i could finance his purchase and rehab.
    Jerry Starr
    Insource Funding
    433 Plaza Real, Ste 275 Boca Raton, Fl 33432
    P: 800-805-3391 Fx: 561-270-6895
    Jerry@insourcefunding.net | insourcefunding.net

    WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL

  4. #4
    Senior Member Reputation points: 11375
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    Tampa, FL
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    Quote Originally Posted by Cshoke View Post
    I'm working with a new client that has a fix and flip business. I received the referral from the client's daughter who I helped obtain an SBA loan for back in 2017.

    Client is most interested in a line of credit that he can use as working capital to purchase fixtures, supplies, etc for fixing the homes he purchases. Right now he is using credit cards for these purchases then paying them off once the home sells.

    He has excellent credit.

    I have settlements statements from his last 3 deals, each home is selling $1.5-3 Million as well as his last 6 months of business bank statements.

    Not sure if there's a LOC product out there for a business like this.

    Please PM me if you can help!

    Thank you.
    Sprout Mortgage here as well.

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