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re: Getting a line of credit at a bank @ 6.7%
Posted on 6/20/13 at 8:38 am to FelicianaTigerfan
Posted on 6/20/13 at 8:38 am to FelicianaTigerfan
Fixed rate or variable? If fixed then 6.7% interest only is pretty strong for a start up business IMO. Maybe someone else knows of a better rate/place but seems good to me.
Also is this an open-ended line or does it close after ____ years? If it closes after ____ years then find out what happens if you still owe a balance at that time.
Also is this an open-ended line or does it close after ____ years? If it closes after ____ years then find out what happens if you still owe a balance at that time.
2
Posted on 6/20/13 at 10:14 am to mglsu21
quote:
Also is this an open-ended line or does it close after ____ years? If it closes after ____ years then find out what happens if you still owe a balance at that time.
This for sure. The rate you have is good if you didn't have to put up the kids.
Posted on 6/20/13 at 9:03 pm to mglsu21
Talking with the banker is all foreign language to me but if I understand correctly the credit is there as long as I need it. He mentioned 25-30 years as long as I keep meeting my monthly interest obligation. Interest rate won't move as far as I understand it also.
Hopefully will only need about 35k of it and plan to operate the business the first year without pocketing any profits and putting everything towards principal and hopefully be a debt free business within 2 years.
Hopefully will only need about 35k of it and plan to operate the business the first year without pocketing any profits and putting everything towards principal and hopefully be a debt free business within 2 years.
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