HELOC for SBA Approval

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by a searcher from Texas A&M University
in Cedar Park, TX, USA

2yrs ago

HELOC for SBA Approval

I am considering getting a HELOC for SBA approval to purchase a service business. Anything to watch out for or pitfalls I should be aware of before I go that route?

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reply by a searcher 2yrs ago
from Brigham Young University in Salt Lake City, UT, USA

I was planning on taking out a HELOC for this reason. I wouldn't plan on using the funds at all but to avoid the lien on my primary residence. Wondering what the lenders weighing in on this thread think about this?

reply by a searcher 2yrs ago
in United States

Thanks, Lisa! What are your thoughts on the comments above about simply having a HELOC, even without drawing any funds, and how that might reduce the likelihood of using the primary residence as collateral in the PG?