Has anyone used Lencred? Multiple lines of credit
I spoke with someone from Lencred today and we discussed opening multiple lines of credit to start building business credit and to keep the entity separate from personal. He told me many investors use the services to either pay for the rehab or pay for the whole house.
My plan would be to use the line of credit for a down payment for a hard money loan. Has anyone done something like this? I don't feel comfortable putting 75k on a line of credit but I would do 15k for a down payment.
No upfront cost, 8% fee after the line of credit is secured and it can be paid with the LOC. In the long game, I don't want to finance deals this way, but this seems like a fair deal.
Thoughts?