Updated over 4 years ago on . Most recent reply
Personal line of credit
After speaking with my local bank, I am able to qualify for a $25k personal line of credit at a 13% adjustable rate. Has anyone had experience using a personal line of credit when creatively financing deals? My thinking was that this gives me the ability to deploy more capital of my own at a rate that I would probably be paying for hard money anyways. I know $25k isn't a whole lot, but I was thinking of using this as well as money that family has offered to lend. Also, by using a personal line of credit, will that hurt my credit when applying for my own mortgage on a personal home? I'm planning to BRRRR so theoretically this would be paid back in 6-12 months, but just want to make sure all my bases are covered.