SBA CAPLines

[Jeff V.]

Does anyone have any experience with the SBA CAPLines program?

Link: https://www.sba.gov/content/caplines

I ran across this and there is a special program which looks like it's dedicated to flippers.  Here are the details I gather from the site:

• The Builders Line Program provides financing for small contractors or developers to construct or rehabilitate residential or commercial property that will be sold to a third party that is not known at the time construction/rehabilitation begins. Loan maturity is generally three years, but can be extended up to five years, if necessary, to facilitate the sale of the property. Proceeds are used solely for direct expenses of acquisition, immediate construction and/or significant rehabilitation of the residential or commercial structures. Land purchase can be included if it does not exceed 20 percent of the loan proceeds. Up to five percent of the proceeds can be used for community improvements that benefit the overall property.

Has anyone been through the process of obtaining a Line of Credit using this program?  

I'm currently going through my first renovation and noticing there will be lots of cash out then alot of cash in over and over...  perfectly suited for a Line of credit situation where I'll only be paying interest on the amount currently borrowed.

Any advice/experience on this topic would be greatly appreciated.

Thanks,

Jeff V