Unsecured LOE
An fellow REI friend of mine just formed his LLC and the bank gave him an unsecured LOE in the amount of 60k. Are these types of loans common for new businesses? Has anyone tried to get an UNSECURED LOE in their business name? THanks in advance.
Gino,
I am sure you have seen hundreds of signs around Pgh advertising these loans. I got my loan at PNC Bank. But Citizens and National City are offering them as well. I recently seen Dollar on a billboard.
Check them out
Lori
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the LOE may be unsecured but its certainly not non-recourse. Your friend has guaranteed the note and the value of it was somehow underwriten by his personal credit/financial statement.
mark
What kind of rate did you friend get?
Mike
My unsecured line of credit is at 5%, interest only. Anyone can apply for these lines. They are very common.
Lori
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