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Updated over 9 years ago,
Line of Credit for a flip? Portfolio loan? Pros & Cons?
Hi. I'm a realtor considering doing my first flip. Trying to figure out how to best get money to finance it. My husband and I could get a 100k line of credit against our stock portfolio (4% interest only payment.) However, that might be enough to buy a property but not enough for the renovations. I'm wondering if I should go to a small bank or credit union to get a portfolio loan for the rehab costs? (Husband has excellent credit and income.) Would like to minimize finance costs, not pull money out of existing investments or go into business with friends for this first flip.
We are located in San Antonio
Any advice is much appreciated.