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Updated over 8 years ago on . Most recent reply

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Calvin Thomas
  • Developer
  • New York City, NY
711
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812
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Rec's for business credit lines

Calvin Thomas
  • Developer
  • New York City, NY
Posted

So I have been mostly using my brokerage account to buy properties as my credit line.  No issues, and I have the cash to pay off the loan at any time.  I am thinking about possibly getting a line of credit.  Any suggestions on where to go?  I currently use a large bank, but they tend to frown away from lending on investment properties under 1 million dollars.  The other bank I also use was interested, but wanted me to move over to their private bank and transfer over my investments to them (they charge a management fee, which would equate to around 12.5k a year for doing nothing).  Again, not interested.  

Any ideas?  I just want to have them setup so in case I need to use them they are there for quick purchases or renovations.  Not really wanting a mortgage on any of my properties at this point.

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