Guys, what if I don't say what the money is for.
I just go to a bank, and say I want to get a line of credit just in case I want some side money in the future to do certain things, remodel the house, repair cars, take a nice (and deserved!) vacation, etc. etc. I am willing to personally guarantee that line of credit.
So I wouldn't borrow anything up front, but would be given a whatever, call it [$300,000] line of credit. I might never borrow on it. But if VIX hits 80 and the markets are in total panic mode, then I would borrow that [$300,000] and invest [$600,000] in a wide, well diversified list of stocks. I would personally guaranty that amount so I can't imagine the bank would care too much about what I was using it for.
Is this something that can be done?
Thanks.
I just go to a bank, and say I want to get a line of credit just in case I want some side money in the future to do certain things, remodel the house, repair cars, take a nice (and deserved!) vacation, etc. etc. I am willing to personally guarantee that line of credit.
So I wouldn't borrow anything up front, but would be given a whatever, call it [$300,000] line of credit. I might never borrow on it. But if VIX hits 80 and the markets are in total panic mode, then I would borrow that [$300,000] and invest [$600,000] in a wide, well diversified list of stocks. I would personally guaranty that amount so I can't imagine the bank would care too much about what I was using it for.
Is this something that can be done?
Thanks.
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