Line of Credit deal done

[Scott W.]

Searched around...went with 5th 3rd bank at 85% LTV with $65 annual fee (after 1 year) prime + 2% interest only principal due in 10 years. Appraisal is paid by the bank so I figured I've got nothing to lose.

Appraiser calls me at work. Says "I don't need to get in the house, I've seen pics. Just need to take a pic in the backyard and get thru the fence." Ok. I need to be at $270k in order to make this deal work, maybe a couple grand less."Don't think it'll hit that, maybe low $260's.

Appraisal came back at $265k. LOC for $39k.

Why did I do this? Because I can. You get access to credit when you don't need it so when you do need it & can't get it, you have it.

Just boosted my reserves and may use it to do a flip but will will always keep this open.

Cheapest money around.