Has anyone here took a security based loan? (Loan using your stocks as collateral) I know there is margin lending but this is a little different. You can use the loan for anything except for buying securities (unlike margin). Looking to understand what rates you guys got.
Yes. Set up through bank’s brokerage company for collateral account. You can put stock in, and pull cash at a relatively low percentage. With Wells Fargo, they refer to Collateral account that holds the stock (positive balance) and Priority Credit account (runs negative balance from the cash out)
What’s the rate did you get? And do they negotiate?
I don’t know if they negotiate, and suspect a lot is based on level of wealth you have parked with them. I am also not sure what the rate is; just that this allows me to pull funds I need to live without selling my AMZN. Just wish I knew about this in the first years when I was selling off shares at $1,100 to augment the $160k capped base.
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