Unsecured LOC closing cost, what’s too much?

[Eloise Reese]

Hi BP Community,

I'm trying to get money for my real estate investment business. I've never done a LOC before and I'm having an issue determining if this is a good deal or not. The broker is quoting me a 6.25% variable interest rate for an interest only $250k unsecured LOC with 7% closing cost. I currently have a high 700 credit score rating, and have worked very hard to maintain it. At a minimum 7% closing seems pretty high.. Is this a good deal or should I be able to do better? What's the standard unsecured LOC interest rate and closing cost%?

Thanks in advance Elle