How Do I Set Up For Business Line Of Credit? - Posted by BigHarold

Posted by Rob on January 12, 2006 at 16:58:02:

I don’t quite understand. Your source will not loan you the money unless you have a proposal? If so, why can’t they tell you what they are looking for in your proposal? A couple of small banks I went to just wanted to see a cash flow statement and assets and liability. $20,000 is an extremely small loan for a bank. As long as you show your cash flow can support the loan, then it should be realtively easy.

How Do I Set Up For Business Line Of Credit? - Posted by BigHarold

Posted by BigHarold on January 12, 2006 at 13:04:05:


I’m sure you’ve seen my postings here before. I’ve been a successful wholesaler for quite a few years now, and I’ve built a pretty good reputation for myself. Of course, with the new year came the resolution to take this business to the next level. I have a connection where I could get money to do this business, but I don’t know how to structure my proposal properly.

What I want to do is get about $20-25K in a business loan, to continue this wholesaling business and move into rehabbing for myself. As I said, I have the source, but need a way to set it up properly. Any suggestions? Any would be greatly appreciated. Thanks.

Harold Wilson
Wholesaler Extraordinaire

Re: How Do I Set Up For Business Line Of Credit? - Posted by Joe

Posted by Joe on January 13, 2006 at 10:47:03:

Hello. I just got one from Compass Bank. I’ve had my LLC account with them for about 3 years. I used the revenue from my Corp (flipping income) to qualify. Best part, it does not show on my SS, but rather on the LLC’s EIN. They did check my credit though.

Head of Ed Garcia’s course - Posted by Frank Chin

Posted by Frank Chin on January 13, 2006 at 08:04:31:

Big Harold:

I know Ed Garcia on the “Finance Board” ran seminars on this very subject, and I’ve been to prior CREONline conventions where his students gave testimonials on the course where lenders “fight to lend you money”.

From what I hear, it wasn’t exactly cheap, but its well worth the money. It’s on the subject of how you present your business plan and proposals.

And its designed for people who has experience (they don’t take newbies) ready to get to the next level, which is where you’re at.

Frank Chin