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Updated over 4 years ago on . Most recent reply

Revolving Line of Credit
Merry Christmas BP family.
Anybody use revolving line of credit for flips?
I got an offer for a line of credit 5 million. Term is 18 month, interests rate one month libor plus 7.25%.
75% LTV.
Legal/ documentation fee is 5000.
This is good for single family or commercial.
I am wondering if any of you have used this kind of credit line before and if yes, what’s the pros and cons?
Thank you!
Sammie
Most Popular Reply

That sounds phony. You don’t want documentation fees. Credit lines don’t have fees as far as I know. And 5M on a new line doubtful.