Updated 7 months ago on . Most recent reply
12% Apr Bloc still good idea?
I recently found a lender who supports providing BLOC (Business line of credit) from equity from my rental property which is under my "LLC", which usually lenders don't offer. But they provided me 3 year DRAW + 27 years term with 12% APR for $35,000, which is expensive.
However, the purpose for the BLOC is just to flip simple cheap houses, to rehab or leave it as emergency credit line but most likely, purchasing cheap distressed houses in PA like 20k, 30k some. (Don't ask how I buy these)
Do you think it is still worth to apply this BLOC from the lender? This loan will be 2nd lien from the rental property and 1st lien will be not paid off for now.
If theres another better way, I will definitely welcome to the opinions!