Reserve Line Of Credit

We are looking for a $50,000 loan or credit line for our business. We have been around for almost two years and we have good collateral through real estate investing. We also have good personal credit. We have not applied before but now we would like to have access to reserves credit to pile cash. Should we look at some small local banks or a bigger bank for this?

Thanks

When we needed to open one of those for our business, we contacted our bank. They have all the info they need as they see how much money is coming and going out of your account each month & you've developed a relationship with them. Just be sure you check interest rates and terms - make sure they are at a fixed rate, and watch out for annual fees & service charges on cash advances - they can be pretty steep.

2008-09-09 19:18:29 by Running Man

This is what happens when the Federal Reserve offers weapons to Poland in exchange for it's economic control to the IMF. executees.net Poland ...

Can that line of credit term change if the property depreciates?

It depends on the amount of your credit line, but it never hurts to have some emergency money in savings or a money-market account also. Also, the prime rate is now 8.25% and most home equity lines of credit are in the 9.15-9.5% (very high rate).

If you have already been granted a line of credit, that amt will stay the same. It's only when you request an increase in your credit line, that they might require a re-appraisal of your home.

2006-08-24 13:14:47 by Paul M

Hi. What is a "reserve line" on a bank account? Is it like a line of credit? Is it possible that if lets say Sam and Mary had an account together with a 5.000. "reserve line", and then Sam took Mary off the account, Can she still be on the reserve line. Or, if she is, and Sam dies, can Mary still access the reserve line, if Sam didn't take her off that?. Can a bank emplyee move the reserve line to a "ghost account" of sorts so that Mary could access the line? Is this legal? Why would someone do that ( move the money to a ghost account) if they can already access the reserve line? Is this legit, or does this sound like fraud? Anyone with personal experience with this?

Hi! Yes a reserve line is a line of credit against your account. No you can't take someone off the account unless they are deceased. the reserve line has to be applied for together so if one for some reason isnt on the account anymore than the name would have to come off of the reserve line. I hope that answers your question for you. Feel free to contact me if you need any assistance.

2007-12-18 12:03:14 by Alana

I need a credit line to use in emergencies and as reserves. I have good income but never really had credit before. A card ot two here or there. Low scores, have a co signor. Does anyway have any suggestions on where to go? Would like about 10k.

Thanks

Check this site for useful information.

http://its-your-credit.info/

2009-08-20 16:29:39 by Running Man

I have a growing real estate business in WI. I need to find alternative resources for reserve and working capital. I have been sent offers for lines of credit by companies I have never heard of. Does any know where I can go and research?

i think having money on credit is not the best thing .
u may have a partner
or to invest ur relatives or friends money in ur business with a rate of the gains ( may be in loss to )
i think that's the best .

2009-03-11 12:03:13 by Running Man