Re: Re: Re: Got a Chase Line of Credit!! Hope, I got to re-reading this thread and noticed we are in the exact same scenario!! That's awesome!
Ok so I am bummed.....we called chase today about their biz revolving loc and guess what?! They don't do them in TN because they can't do that onsite inspection! Bummed!
Dang! Sorry about that. But hey! There are other fish in the sea. And what a co-inky-dink. We're in the same business.
Yeah, it's neat to have something in common! How many homes do you guys build a year? All price ranges? We faxed in apps for wells fargo loc and usbank loc (biz.) We considered the UP biz card link you sent, along with: http://www.farmbureaubank.com/bankserv/BLOCag.htm So you guys have amex, wf, chase...anyone else you would recommend?
Re: Re: Got a Chase Line of Credit!! We build in the $300k to $400k price range. Besides the 3 LOCs you mentioned, we have Textron at $35,000 and we just applied for Hibernia National Bank, but they only lend in the Southwest in states surrounding their headquarters in Lousiana. They mailed us a postcard, so we went online. They called today to say we should hear something this week. We asked for $50k, but I'd be happy with $35K. I've been thinking about applying for Farm Bureau, but I only know of 1 person here who has it, so I'm leary. But we'll see.
Re: Re: Re: Got a Chase Line of Credit!! OH HOW I WOULD LOVE TO GIVE YOU MY UNITED VISA CARD AND AMEX DELTA CARD... FOR ALL THOSE SUPPLIES... YOU "COULD" spend $100,000 a year...on each card...JUST SEND A CHECK EACH WEEK TO BANK ONE AND AMEX FOR WHAT YOU SPEND...
Re: Re: Re: Got a Chase Line of Credit!! GEORGE!! You're so bad!!! But, hey, don't think I haven't thought of all those lovely airline miles and AMEX rewards myself! I'm just chomping at the bit for a biz pre-approval from AMEX or Citi AAdvantage so we can wrack up $100,000+ points every year. Teehee!
Hope that's great! How many do you build a year? We'll get there someday....we're building our first (somewhere around 260k) and our rehabs run higher. We've got a lot of inventory right now, I'll be happy when some sell. George......you have two cards with 100k cl's??? Geez I feel puny! Big...I was wondering the same thing, but they are a great insurance company for us, so surely it's legit. Right???
Got the Hibernia Biz LOC for the full $50k!! I'm so happy I could just bust wide open!! BTW, we got started late this year on building, which turns out to have been fortunate. The first half of this year has been spent rehabbing and buying 1 new property that was a bear to drag to the table. Took far longer than it should have and nearly fell through a couple of times. Anway, it forced me to stay on top of looking for biz lines. Now if we get this deal wrapped up we're working on we'll build 3 houses in the very low $300k, 2 in the mid $400k and possibly 1 in the $800k. This last one is a huge "IF IF IF IF IF". Okay, I'm ready for the next one. Anybody else no of any other biz lines of credit???
Re: Re: Got a Chase Line of Credit!! NOT $100,000 ON 2 CARDS...you just make WEEKLY payments on what you buy... Less then $25,000 for BOTH cards together...(AMEX HATES ME!!!)
Re: Re: Got a Chase Line of Credit!! Now, now George. AMEX doesn't hate you! They just think you already have more credit than God allows.
Re: Re: Got a Chase Line of Credit!! lol I thought that was wolverine......348k and he took off right George??lol That's awesome Hope .....about Hibernia and building! That's like us, I keep looking because we have so much cash tied up right now. Does Hibernia lend everywhere? Did you apply for the up card with mbna? I did find Farm Bureau biz goes up to 100k I think. We have our insurance with them.
Re: Re: Got a Chase Line of Credit!! About Hibernia, I am looking at their website. Which reason did you give for the money? Are those custom or spec homes?
Re: Re: Got a Chase Line of Credit!! And who did they pull? Aren't any of these guys asking about the other inqs?
Re: Re: Re: Got a Chase Line of Credit!! Sorry, please disregard. I just re-read where you answered this question. BB&T does biz loc's and cc's I see at their website, but they go through the full financials. I will try them in the fall when things slow a little.
Re: Re: Re: Got a Chase Line of Credit!! Those are spec homes. Hubby hates building to suit. It's a headache and he doesn't "suffer fools gladly". I'm the people person. He's the great credit, shoulder-the-wheel, all-business person.
We have the Farm Bureau Line at 25K. We also have 2 AMEX Business Capital Lines at 25K each. You supposedly can only have one Biz Cap Line per business but two of our partners applied on the same day and both were approved by AMEX (since it didn't appear we had one). I like the Farm Bureau Bank line. I got the idea from a thread about lines of credit on the Finance forum at FatWallet. It appears their FICO threshold is high (we got approved with +/- 720). If you have above 780, I think you get the line at prime. I would give it a shot. The one page app is easy and you just fax it to them.
Re: Re: Got a Chase Line of Credit!! Congratulations Hope, Please tell me, Who did Hibernia pull the credit report from?
Re: Re: Got a Chase Line of Credit!! I don't know if Hope is still posting here. This post is a year and a half old. Even knowing who pulled then doesn't mean they'll pull the same report now.
