Guidance Line

[Craig P.]

All,
Has anyone else used a guidance line from a conventional bank to fund rehabs (acquisition and renovation)? I just got one approved (took several months) at up to 80% LTC at roughly 4.75% and 1/2 pt ORI.

Paperwork is much more time consuming than a HML however the rate is certainly attractive.

I have not submitted a deal to the bank to have them fund yet thus I am curious what everyone else's experience has been. My bank does their own valuation in house.