Brad Koda
Carlsbad, NM (USA)
Role(s):
Founder/Owner/Principal
Bonaventure Carlsbad, Inc.
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Startup
Location:
Carlsbad
Industry:
Real Estate
Year Founded:
2006
Number Employees:
1-10 people
Description:
My business is real estate investment and property management (my own). My problem stems from using my personal lines of credit for business use and unknowingly this has had a tremendous impact on my FICO score. Personal credit lines are diminishing even though I have been been making my payments on time. I am seeking financing to: #1 - Obtain business financing to pay-off (transfer debt to my business corporation, thereby increasing my personal FICO score) #2 - Obtain financing to improve some of my residential rental properties. #3 - Obtain financing to renovate one of my retail commercial buildings so that I may lease out as an indoor flea market type of business. I have 16 income properties, all with equity, some with no mortages. None of the financial institutions I have contacted will even accpt and application due to the valuse of the properties or type of property. My properties are located in Carlsbad, NM. Average rental values are under $70K, but demand in high in the area for rentals and unemplyment is under 5%. My properties lease for $525.00 month to $740.00 month. This way above the norm in the industry, but bankers will not consider loans on individual residential properties under $100K. We have good credit, if one considers just our payment history and not the FICO score which is not a true reflection on our ability to pay our debts. In addition to the rental properties we own and the demand for this type of rental in the area.