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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: 10673 Jstarr's Avatar
    Join Date
    Nov 2014
    Location
    South Florida
    Posts
    595

    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
    I
    nsource Funding
    433 Plaza Real, Ste 275
    Boca Raton, Fl 33432
    P: 800-805-3391
    Jerry@insourcefunding.net| insourcefunding.net

    WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL

  4. #4
    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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