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"Anecdotally, I'd say the home equity line of credit is often used for a car, or a boat, or for remodeling the existing house," Cottrell said.
SELCO suggested on its website in 2006 that its customers take out a home equity line of credit to "consolidate your debt, remodel your home, pay for college tuition, take a vacation or have a new baby ..."
The term of the equity line of credit is 60 months and stipulates that Montavo, at its sole discretion, may sell shares of common stock that is calculated using an agreed-upon formula based on near-term historical market share price over a specified period of time, with each Put calculated with a floor price set by Montavo.
Mr Janahi also announced that an agreement in principle had been reached with Global Emerging Markets of New York (GEM), whereby GEM would commit to provide an equity line of credit amounting up to $125 million which the bank will have the option to draw down over a period of five years at prevailing average volume and market prices, resulting in issuance of new ordinary shares.
Through a combination of a rights issue, a mandatory convertible sukuk and an equity line of credit, the Islamic lender is to boost its liquidity position, said chairman Khalid Abdulla Janahi.
MANAMA, OCT.18 (BNA) -- ITHMAAR BANK PLANS TO RAISE UP TO 500 MILLION DOLLARS THROUGH A COMBINATION OF A RIGHTS ISSUE, A MANDATORY CONVERTIBLE SUKUK AND AN EQUITY LINE OF CREDIT, OFFICIALS ANNOUNCED YESTERDAY AND PUBLISHED BY THE GULF DAILY NEWS.
This required MMCC to source lenders who would finance a combination of loans to include a small business loan, a construction loan for renovations and an equity line of credit."
The couple obtained a home equity line of credit of $30,000 at 8% interest.
* Home equity line of credit. Rather than receiving a lump sum, this option lets you borrow against a given credit line as you need it.
Sydney's been through $90,000 in debt consolidation loans and a $20,000 equity line of credit on top of her $297,000 first mortgage on a house that had a $100,000 mortgage when she inherited it.
A business home equity line of credit (called HELOC) transfers the payment history on this type of equity loan to the business's credit rating.
Severe hurricane damage to the new home delayed the processing of the home equity line of credit. As a result, the taxpayer did not receive the home equity loan until April 2005, after the expiration of the extended deadline provided for the disaster area in IR-2004-115.