Business Lines of Credit Fees

[Raymond Hunce]

Hello BP Community,

My partner and I just set up our LLC and business bank account to invest in real estate in Maryland (Baltimore and Harford counties). We have no investments yet nor have we conducted any other operations. Now, we are currently establishing business lines of credit, unsecured, which are based on our personal credit (we're each doing this through separate LLCs). The financial adviser that is establishing our lines of credit is charging 8% of the line of credit up front, with no additional payout to him thereafter. For example, my partner should be getting a $50,000 line of credit, so that'll cost him/us $4,000. Is this typical or is this quite high?

Thank you,

Ray