Business credit without personal guarantee - Posted by Kazi

Posted by Kazi on May 15, 2009 at 19:39:02:

I will look into the workshop and the book. Thanks for the suggestions.

Business credit without personal guarantee - Posted by Kazi

Posted by Kazi on May 14, 2009 at 11:51:35:

I am researching for ways to establish business credit without personal credit check. There are lots of information about it on the web. However, I was wondering if any of you (the real estate investor) have been able to establish such a business credit history that allows you obtain credit without personal guarantee? If you have, please share the process that you followed to build your credit.

KAZI — Not likley these days - Posted by Kenneth Hocking

Posted by Kenneth Hocking on May 14, 2009 at 23:34:50:

Looks into credit boards and you will find some B2B stuff like QUILL, NEBS, a 250 Shell card, Staples Etc etc .

The most I have been able to get W/O PG is 35,000 Credit card LOC and a couple of 18-20,000 credit cards nothing major like the 250,000 LOC

When you here LOC no PG and they need a FEE RUN RUN RUN

Why would you not want to PG something unless you were intending on not paying it back!

Sign the PG and get more money faster… I did… and take the lender’s workshop…i worked wonders for me!

Re: Business credit without personal guarantee - Posted by Mark

Posted by Mark on May 14, 2009 at 12:46:52:

Kazi,

Check out www.creditboards.com under the business section. You should be able to find all the information you need.

Re: KAZI — Not likley these days - Posted by Kazi

Posted by Kazi on May 15, 2009 at 13:22:17:

Kenneth, I have no problem personally guaranteeing at all. I am just exploring other ways to obtain business credit, and if anyone here has been successfully able to accomplish it. If know of any organization that will provide LOC (with PG) to RE investors, even in this environment, please let me know.

where is the business section - Posted by ron

Posted by ron on May 17, 2009 at 05:05:32:

i looked at this site but cant find the business section you mention

thanks

Re: KAZI — Not likley these days - Posted by Kenneth Hocking

Posted by Kenneth Hocking on May 15, 2009 at 14:20:30:

YES!

Portfolio lenders (small local banks credit unions) are giving lines of credit for RE purchases and rehab to buyers with GREAT credit and good assets.

I would recommend that you take the Lenders workshop – it is where I learned to put together a business plan that grew my lines at the banks the small local banks , I learned how to grow and expand my relationships with these bank in the 6+ months of follow up phone calls… but EVERY line I have both personal and business lines is Personally Guaranteed by both me and my wife.

I used the Documentation method in the Deal Makers guide to Commercial Real Estate ( GREAT book) to work up my Personal Financial Statement.

The plain and simple fact is that a LOC is almost impossible to get with out cash in the bank…

Kenneth