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    2 Replies Latest reply on Apr 7, 2009 6:32 PM by phanio

    Honest Man looking for Business Funding

    LouieA22 Newbie
      I'm an experienced Real Estate Investor, but all properties are held under my personal name and credit file. I can't show income under the business name, and I need more funding to acquire more properties. I'm looking for any advice or direction to where I can get unsecured or secured funding to get that first property under the business. All I need is basically enough for a downpayment . Personal funds are tapped out and invested in my rental properties. How can I get financing in a business that doesn't "show" income - it all comes in my personal name. ANY help, direction, funding, source would greatly be appreciated and I do offer finder fees for any property closed on or financing lead that leads to financing for future deals. Thanks to ANYONE!!
        • Re: Honest Man looking for Business Funding
          DomainDiva Ranger
          You don't need more funding...you need to restructure all of your real estate holdings into some kind of limited partnership or LLC. Then you need to take a look at all of your mortgages, how they are financed, what interest rate(s) you are paying etc. and then find a bank willing to refinance. Do not take any money out just refinance in the partnership/LLC name. All of the properties will have to be appraised and you will have to provide detailed income information but with some work you may be able to do this...especially if you pay your bills on tiime.

          I don't understand tapping out personal funds to invest in real estate. Want to explain that one? I dont see anyone wanting to invest in you with the business structure you have.
          • Re: Honest Man looking for Business Funding
            phanio Pioneer
            DomainDiva makes some very good points - why not shore up what you have before extending yourself futher. Plus, for a single person LLC - every lender will still consider the business and you as one.

            My question is what are you doing with all that real estate? If you are trying to sell it - think about renting or leasing to generate income until it is sold.

            Best of Luck

            Business Money Today