ED, how does one go about getting a LOC? - Posted by Carey_PA

Real Estate Investing Real Estate Financing
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Posted by Ed Garcia on March 08, 2001 at 24:42:30:

Carey,

You really know how to hurt a guy; I hope I can find it on my desk too. LOL

It’s not a matter of there necessarily being a curtain number of deals as much as it is how much of a line do you think you need. For example if you do 1or 2 deal a year, you might have a problem in justifying a line because of lack of use. A bank may be more likely to just tell you to come in when you’ve got a deal. On the other hand if the bank sees that you’re an active investor doing 1 or 2 deal a month, Nelly bar the door, they realize that you need a working credit line as a function of your business.

So yes Carey, we will have to justify our line and that is done with in the business plan.

Ed Garcia

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ED, how does one go about getting a LOC? - Posted by Carey_PA

Posted by Carey_PA on March 07, 2001 at 22:50:57:

Ed,

Are there a certain number of deals you have to do or a certain number of properties you have to have in your portfolio before a bank will give you a line of credit. BTW, my credit isn’t THAT bad :slight_smile:

Also, as soon as I get a new phone card, I’ll be calling you to hopefully go over my business plan that I sent you a while back. (I hope you can still find it on your desk!)

Thanks,

CAREY