Anyone using a guidance line of credit?

[Preston Quinn]

Anyone using a guidance line of credit for their acquisitions?

I went to my bank yesterday to hash out the details of my most recent brrrr deal, (which went great) and my banker suggested a guidance line of credit when I ask what options they had to allow me to move faster in my acquisitions.

Up til this point, I have been using commercial financing, that involves 20% down to purchase the property, then I am using a HELOC and a BLOC to do my rehabs. Then refinancing out and paying off the heloc the bloc and the existing mortgage. Which I'm ok with as long as I can continue to find off market deals. But recently, there have been some decent deals come across the MLS that I would've like to at least offered all cash on with a quick closing.

We didn’t have a lot of time to discuss to guidance line of credit. But she is suppose to get back to me in a few days. Anyone with experience on this type of line of credit I would like to hear your opinion of it.

Thanks