Creative finance, life insurance

[Account Closed]

I am seeking different ways than typical to raise capitol. I am considering attaining a permanent or whole life insurance policy to borrow against it for the lower than average interest rates and lackadaisical repayment required. Has anyone here on BP had success in this area of financing? Also, is it possible to borrow against it immediately after purchase of the policy, or is there  required wait period before being able to borrow against it? 
 Those who have experience in this area, what would be any unexpected downfalls of this method that a new investor would not typically be prepared to confront?

[Thomas Rutkowski]

@Account Closed

Just be aware that it is the cash value of the policy that you are borrowing against. This is a way to invest and put your money to work in two places at one time. Your cash value earns interest/dividends at the same time that you are building wealth by leveraging the cash value. The combined growth allows for this approach to make up for the fees inherent in a life insurance policy.

This topic has been thoroughly discussed in many threads here on BP. Here's one of the oldest and most active: 

https://www.biggerpockets.com/...

Let me know if you have any questions.