Purchase money open end line of credit? - Andy Zavoina and Lucy Griffin

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Purchase money open end line of credit?
by David Dickinson and Lucy Griffin, BOL Gurus
Question: We have a customer who is purchasing a condo for investment purpose and is requesting line of credit secured by the condo which will be advanced for the purchase money. Can we do a purchase money open end line of credit?

Answer by David Dickinson:
BIO AND CONTACT INFO

Yes.

Answer by Lucy Griffin:
BIO AND CONTACT INFO

Ditto. In fact, I have made a purchase (my home, not an investment) with a HELOC.

First published on BankersOnline.com 8/18/03

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