Posted by Ben (NJ) on April 26, 2001 at 18:56:44:
Diane, Ray Alcorn and I have had some great discussions lately on the commercial news group and the main newsgroup about credit lines, collateral and personal guarantees and asset protection. Find them, they are a must read!
Working line of credit - Posted by Diane Harbison
Posted by Diane Harbison on April 26, 2001 at 13:57:07:
Hi Ed,
I have found I have just enough information to be dangerous. Thank you so much for your call last week. I do have a couple of questions. The bank I am working with for the credit line seems open minded about how to structure this. My question to you is how do most people secure the line, with pledging currently owned properties? Do they personally guarentee the line? We we proposing that they just give us a “guidance” line of which they will hold each property as security for the portion of the money used. The owner of the bank felt the cost per transation may not save us alot of money over the traditional getting a mortgage because they would have to inessance mortage each property with the apprasial fee’s etc. Could you please tell me how this is customarily done I would really appreciate it. You could email my sister Linda at tushea2@bigplanet.com or copy her on it because I will be going out of town tomorrow afternoon until Monday. We do need to move on this because we have a 30 day close on a new property. Thank you so much for being helpful to us, we will make you proud.
Sincerly
Diane Harbison (West Palm beach)