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If I've got a $700,000 house with a $100,000 mortgage and I refi the mortgage to $114,000, is that even borrowing money? We're into semantics.
Everybody else with a $700k house has a $550k mortgage. Compared to my peers I can pull a lot of equity and still be in an equity position far better than the industry norm.
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The fact that the Mariners would choose a 'capital call' rather than a refi from 20% LTV into 25% LTV is a comment on just how sweet they like their balance sheet to look.
Do the Indians do that? Do the Brewers push their equity and LTV to the prettiest possible point by issuing capital calls?
Who does that, issue capital calls with an LTV* like the Mariners have?