Unsecured Lines Of Credit from multiple Banks a good thing?

[Alejandro Hayden]

Good morning/afternoon BP family!

So I’ve gone to more than a dozen banks within the past couple weeks, figuring out what banks are the best for financing my RE needs. I found out that some of the local banks offer unsecured lines of credit for $30k-$250k. I was thinking about opening up accounts with about 4 of these banks and receive the LOCs. Of course I’d only use the capital I’ll need to acquire properties. But, if the cash flow covers the high interest rates, would this be a good idea? I also understand that these rates are normally variable but, these banks offer a refinance offer for fixed rates after 6mo-1yr.

What do you ladies and gentleman think?

[Chris Mason]

Originally posted by @Alejandro Hayden:

@Chris Mason would they be aware if I’m opening these lines of credit all within the same day or within a few days?

 Might have worked in the 1960s...