We signed the note for the Home Equity Line Of Credit today. Almost $330K on the line that we can use at the drop of a hat. (Well, they have to fund the credit line which takes three days, and another week to get the checkbook for it)
This is one of the few blockers that were left in this process. Between the credit line and what my mom has very very graciously has offered to lend me (for a few months) we can successfully close on any of the houses that we are seriously considering in Nashville. We can go higher as well, but that would involve selling some stock on a short-term basis.
We didn’t strictly need this, but it’s something that adds a crapload of flexibility to the process.
This is a huge milestone in the process. The runway is now cleared for takeoff. Next week we’ll be in Nashville and we can legitimately make an offer on a house knowing that it’s 100% backed up with cash and we don’t need a mortgage in any way.
That makes me so damn happy!