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Initial Loan Converted To Line Of Credit

April 14th, 2006 by Grant in: Banking, Business
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About a week ago I wrote about how I finally paid off my initial business loan for the oil company.  Well, after talking to the banker and the loan officer, I got them to convert the loan into a line of credit, using the assets I bought with the loan as collateral.

That way, when I find another interest to buy I don’t have to go through the loan process and pay mortgage filing fees all over again.  Additionally, it’s nice to know that I have quick access to capital whenever I need it.

There are some oil and gas auctions coming up in my area in the next couple months.  I’ll have to see if there’s anything worth putting my new line of credit to work for.


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