My situation is I started a car dealership a few months ago paid cash by selling a rental property to fund the business and start up cost. Still have money but I’m at a point I need to hire an employee as well as wanting to expand the business with more inventory and add in a mechanic shop.

The mechanic shop will be added to the current location to keep overhead low until the process is completely mplemented and things run smoothly business coming in etc. Repair shops are a need in my area so I’m thinking it will expand to its own location within a year.

My background includes a bachelors degree in finance, net worth of 200-225k. Make a passive income of 90k a year with the wife and I w2 income alone last year of 145k. Total income approximately 220k.

Wife is an rn and works minimal (stay at home wife) I’m running everything with the business. I talked to a bank today and they were wanting 100k in collateral for 60k line of credit which is crazy lol.

I’m in my 30s and have a 823 credit score 90k passive income. If we both went back to w2 employment could instantly boost income to over 200k again together.

Any suggestions on lenders or routes to go? I’ve done plenty of research but could be something I missed or don’t know about. I will be going to another bank tomorrow.

I’m looking for 300-350k loan or line of credit.