Max loan ammount..

[cjldad]

Took out a loan on 10/19/16 of 26,900

If I pay that off, will I be able to get a loan of the lesser of $50,000 or 50% the next day?  (assume 200k vested)

Is the 12 month restriction on when you take out the loan or when you repay?

Thanks!

 

[ETA Consulting LLC]

Cannot even make sense of your question.  The 12 month restriction (e.g. $50K reduced by the highest outstanding loan balance during the preceding 12 months) is just that; you'd determine the balance each day of the preceding 12 months and the highest balance would be your reduction.

Good Luck!

[cjldad]

Haha, yes I can see how what I said probably doesn't make sense to someone who knows this stuff.  Your explanation helped me better understand however..

Thanks!

[Mike Preston]

The 12 month restriction is calculated on the date of the new loan.  It has nothing to do with the date of (previous loan) repayment.