Business Line of Credit....When to Look Into

[Eric Barnett]

My bank recently pre-approved me for a business line of credit up to 100k at prime +1.75. I use this bank for my day job where I am an 1099 contractor so the accounts I have there reflect an LLC. I currently have 2 rentals plus my primary and still have room to get another loan (based on lender feedback) so plan to exhaust my conventional loan options before having to get creative. My question is when do I look into this line of credit and is it more beneficial than say a HELOC, Hard Money or other methods that others on BP have seen or know people that have used?