If you’re interested in getting an unsecured business line of credit for your California based real estate business, now may be the right time. According to the California Association of Realtors 2016 Market Forecast, U.S. home sales increased and home prices became moderate in 2015. Furthermore, the U.S. (and California) commercial property vacancy rates decreased and are estimated to continue to decrease in 2015. That could mean the future is bright for the residential and commercial real estate industry in California. Now is the time to get in the real estate industry in California and build your wealth (if you haven’t already done so). Obtaining an unsecured business line of credit will enable you to get started.
Unsecured business lines of credit are arguably the easiest type of financing for California based real estate investors to obtain. Real estate is almost always viewed as a “high risk” business by traditional banks and lenders. You will find it almost impossible to obtain financing from them to fund your real estate business. However, this isn’t the case with unsecured business lines of credit. Real estate investors in California can actually obtain unsecured business lines of credit fairly quickly. However there are a few things you may need to do to prepare yourself to qualify for an unsecured business line of credit. Here’s how to get an unsecured business line of credit in the easiest way possible:
- Check your personal credit history – You will need to have an exceptional personal credit history to obtain unsecured business lines of credit. This means it has to be well established (at least 5 years old) with a variety of different accounts reporting in good standing. This includes installments loans and personal lines of credit (i.e. credit cards). The more established your credit history, the higher chance you have of getting approved for the maximum amount of funding for your California based real estate business.
- Pay down your personal credit cards – If you have any personal credit cards with high balances (i.e. over 30% of the total available credit limit), you will need to pay down those balances to get approved for an unsecured business line of credit. High utilization is the number reason small business owners don’t meet the criteria for unsecured business lines of credit. Lenders will not approve you if your personal credit cards are maxed out (30% utilized is maxed out to a lender). Increase your chances of getting approved for an unsecured business line of credit for your real estate business by paying down your personal credit cards before you apply.
- Contact LenCred – Our funding consultants here at LenCred specialize in developing custom solutions for California based real estate business owners who are looking to obtain unsecured business lines of credit. Unsecured business lines of credit is our speciality. We’ve helped thousands of real estate investors obtain millions of dollars in unsecured business lines of credit for their business. Contact us today to join the bunch!