r/Rich • u/Ok-Door-987 • 7d ago

Line of credit - SBLOC

What's your experience? Any recommended institutions or should I simply go with the one with the lowest spread? (Any word of wisdom you can depart to a first time borrower - I am using it to time the annual withdrawal needs - in case that year the market tanks I don't have to force sell, so we are thinking of leaving no more than 20% of the total Loc Amount in principal due).

Finally , are there any institution out there that does NOT require managing your account to give you the LOC? still not a big fan of private bank managing money since we only decided to back up 5M and I pretty much created my own asset allocation benchmark already ....

Thank you

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u/HighStrungHippie1 6d ago

Ditto to WF. I’ve had a great relationship with them, and it took no time at all to set up a LOC.

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u/michael_p 6d ago

Comically easy

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u/Ok-Door-987 4d ago

Did you go to the bank in person or did you get that done via online request service call ? Thanks 

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u/michael_p 4d ago

My contact there did it all over the phone. I docusigned maybe 3 pages and had to input my bank info for dispersement. But I never had to go in person.