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Updated over 4 years ago on . Most recent reply

User Stats

36
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13
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Sammie Xiao
  • Investor
  • Pleasanton CA
13
Votes |
36
Posts

Revolving Line of Credit

Sammie Xiao
  • Investor
  • Pleasanton CA
Posted

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

  • Sammie Xiao
  • Most Popular Reply

    User Stats

    3,143
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    Jeff S.
    • Specialist
    • Portland, OR
    1,065
    Votes |
    3,143
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    Jeff S.
    • Specialist
    • Portland, OR
    Replied

    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. 

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