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I'm looking to have an unsecured line of credit available for investment opportunities. Ideally about $50,000 but would accept a minimum of $30,000 if the rate is good. Anyone know of any banks competitive in this space?
Not many banks are keen to loan investment funds, and some restrict that use.
I do assume you mean some kind of hard-asset investment, and not the market or VC.
And honestly, if you're at a level where a bank would give you $50k in unsecured credit, you should enough already about the banks around you and that you may already be dealing with; remote, national and internet banks are going to be unlikely candidates for your needs.
You know your needs and situation, but you can get further faster by leveraging investment asset value than by completely disconnecting funding and those investments.
Unless you're just headed to AC. An old Herman cartoon comes to mind - "Could you hurry up with that loan check? The track opens in half an hour."
-Discover bank (same company as discover credit cards) was sending me promotional offers for $30K personal loans frequently. So that's one you can try.
-You can also try lightstream (a division of suntrust bank). They offer personal loans up to $100K. However, they require you to select the intended purpose of the personal loan. They may have lower limits based on your intended purchase. Go on their website for details. The website is very informative and should answer any questions you may have.
Wouldn't the rate be a lot better if the loan was a mortgage secured by the investment property?
if you want an unsecured loan never ever use your home and take a secured loan putting your house at risk . it is like i would never use an equity loan on my home to buy an investment property .
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