If you’re a business owner who flips homes professionally, it’s quite possible that a business line of credit could be the perfect addition to your business repertoire.
Why?
Because a business line of credit offers a business owner options, lots of flexibility, and plenty of room to grow their business—without complicating your current business plan or adding in high-interest rates.
But what exactly is a business line of credit, and further, how can you tell if it’s the right choice for you?
If these are questions weighing heavily on your mind, then you’re in the right place—let’s dive right into understanding business lines of credit.
What is a business line of credit?
A business line of credit loan is a type of small-business loan that helps to provide business owners with flexibility for their business. Typically, business lines of credit allow you to borrow a certain limit, leaving you to pay interest only on the percentage of money that you borrow, then allowing you to draw and repay funds at your discretion as long as you don’t exceed your credit limit.
In a way, it’s helpful to think about a business line of credit like a credit card—it can help you manage cash flow, pay for an unplanned expense, purchase inventory, and more.
Many business owners use a business line of credit to take their company to the next level, give themselves the flexibility to grow, and even use it as an option for expanding their business and funding their plans for the business’ future.
Obtaining a business line of credit isn’t terribly difficult but generally requires that a business owner meet certain requirements to qualify. For example, to be approved for a business line of credit, you’ll likely need to have a credit score of 700 or higher!
What are the Benefits of Business Line of Credit?
Business lines of credit are a simple, beneficial strategy available to help business owners level up their strategy, goals, and plans. With the correct guidance, an airtight strategy, and a reliable lending partner, a business line of credit can pay off for business owners.
Business lines of credit are beneficial for business owners because they, traditionally, offer fast results, low rates, and easy-to-understand borrowing and repaying options.
Getting a Business Line of Credit: How Local Flip Funding Can Help
As we mentioned, business lines of credit are ideal for business owners who have a credit score of 700 or more, but there are a few more requirements to be aware of. Additionally, you’ll need to produce authenticated documents that prove you’re eligible for a credit loan (typically, this means you’ll need a document proving your credit score).
As you might have predicted, there are plenty of lending companies out there that could help you
Not only is our team stacked with experienced, professional members and underwriters who know how to create the perfect business line of credit for your business, but we’re also committed to being a reliable partner to each and every one of our clients. We’ll never overcharge you with unnecessarily high rates of interest and we’ll never overcomplicate the business line of credit process.
Further, we’re committed to bringing you fast results at the lowest rates possible. Our expert team can provide you with a quote in less than an hour and we can approve lines of credit up to $150,000 that start at 0% for 1+ years. We can even get you a commercial equity line of credit at 9.9% minimum—unlike other companies who start their rates at 14.9%!We have the lowest origination fee (starting at 9.9%) and we only work to guarantee you personal lines of credit that won’t damage your FICO score.
Contact Us Today
Click the button on the right to fill out an application form. It only takes minutes to find out what you qualify for and is free of charge. What are you waiting for? Apply Now